The URA or Urban Redevelopment Authority has provided, in its outline application, 2 developmental allowable parameters for this Beach Road commercial property.
The first option is to convert the property into a commercial zone with a GPR of 4.2 and gross floor area of 2935.38 square meters.
The 2nd option is to construct a residential cum commercial building in its existing 5.03 GPR.
Both the options are in accordance with the Master Plan of URA that has been up since 2019.
If the full commercial option is chosen then according to the reserve price marked by the current owners, the per square foot ppr (per plot ratio) stays at S$2,848 with no payable development charge.
However, if the commercial/residential option is chosen then the psf (per square foot) per plot ratio works out to be S$2,394, said Cushman and Wakefield. They added that that this is subjected to rezoning the area successfully.
The building height as allowed by governmental regulation is 6 storeys.
Cushman and Wakefield’s capital markets director, Christina Sim said that there has been a rise in investor demand for such small sized assets.
She added that once all the commercial and residential projects in the area are completed it will become an ideal work-live-play neighbourhood. She expects prices to rise then.
The 101 Beach Road property tender will remain open till the 22nd July, 3 pm.