Prior to WWII, the Beauty World was an amusement park. It became a market after the war and was eventually reduced to ashes in the 1980s.
More structures raised up bearing the same name in that period. Now, it is time for one of those to launch for redevelopment.
The owners of Beauty World Plaza have joined hands with Marketing Agent, Knight Frank Singapore for the collective sale of their mixed development with an asking price of S$165 million.
Presently, this 999-year leasehold property (since 1884) has 30 residential apartments and 61 retail shops.
The Beauty World Plaza has a land area of 24,817.27 square feet (2,305.6 sq m).
Base on the price tag set, the land rate works out to psf ppr of S$2,189 on a maximum permissible GFA of 75,362.23 sf (7,001.38 sq m).
As per URA, it is zoned as “commercial and residential” at a GPR of 3.0.
Mr. Ian Loh, ED & Head – Investment and Capital Markets, Knight Frank, has confirmed submission of outline application for change of the residential component into serviced apartments.
This property attracts no development charges.
Mr. Loh believes that this prime site has good infrastructure and lifestyle amenities. With CBD and Jurong Lake District within short distances, it is well connected with arterial thoroughfares and expressways.
It has sheltered access right into the Beauty World MRT Station next door, which interestingly is one of the civil defense centres, to be activated in times of national emergency.
The tender closes on Jan 30, 2019, at 3pm.