Beauty World Plaza, a commercial complex along Upper Bukit Timah Road has failed to land a buyer for its 2nd collective sale attempt.
The latest tender was launched on June 17, 2019 which closed on Wednesday July 17 without attracting a single bid and the first launch was in November 2018 last year.
According to Ian Loh, head of investment and capital markets of Knight Frank, said that the mixed development has now moved into the 10-week private treaty period.
They will keep on searching for potential buyer and hope to find one as soon as possible.
The reserve price of Beauty World Plaza will stay at S$165 million, Mr Loh added.
Base of the Price indicated above, the land rate works out to S$2,189 psf ppr and the buyer do not have to pay any development charges for the redevelopment to the maximum permissible GFA of about 75,362 sq ft.
Beauty World Plaza comprises of 61 retail units and 30 residential units and is conveniently located close to Beauty World MRT station.
The commercial estate has in-principle approval from the authority for the redevelopment of the residential part to serviced apartments. This, in turn add attractiveness to the en bloc site.
Since then, many commercial owners have launched their properties into the en bloc market and hope to land a buyer.
The latest one is the Singapore Shopping Centre which located within Orchard road area and the owners have set their reserve price at $255 million.
The commercial development is close proximity to Dhoby Ghaut MRT as well as other amenities.
While the owners of Hoa Nam Building have also launched their property for sale.
The asking price of the freehold property will be S$160 million which has a land area of 21,365 sq ft and a plot ratio of 3.0.
The en bloc site is next to ARC 380 and close to Bendemeer MRT Station.
With all developers focus on commercial sites and GLS, none has expected a residential en bloc site that will be sold.