Jalan Besar Plaza is a freehold site in Kallang. Owners of the Jalan Besar Plaza are hoping to put up the site for a massive S$390 million. While the Plaza has a freehold status development site, it consists of 111 commercial units and 44 residential apartments over a 16-storey building.
The commercial unit spans over a three-floor commercial podium with the apartments ranging from 915 sq ft to 1,593 sq ft.
The Plaza site has a gross floor area of 16,694.23 square meters which means there’s a GPR (gross plot ratio) of 3,388. The 2014 Master Plan states a 3.0 gross plot ratio but since there is actually a GPR of 3,388 there shouldn’t be any further development charge required.
Should the owners acquire the S$390 million bid, it will bring the PSF PPR to S$2,170 which is fairly impressive.
Huttons Asia, the marketing agent for the Plaza said it was hopeful the site would receive at least an S$390 million bid. On Tuesday, the public tender was launched and it will soon close on the 10th of November.
- Fantastic redevelopment potential for both commercial and residential use
- Rare Freehold Site with no development charge
- Farrer Park MRT Station is 0.6km away from Jalan Besar Plaza
- Lavender MRT Station is found within 0.57km from the site
- Additional transport links with bus routes near the Plaza site
- Prime location and found within a good neighbourhood
- The Hong Wen and Stamford Primary Schools are located 0.53km and 0.56km from Jalan Besar Plaza. The Pusat Pendidkan Azhar School is also 0.69k away.
- The Laselle College of Arts and The Nanyang Academy of Fine Arts are located nearby.
- The City Square Mall shopping centre is within walking distance of the Plaza
- Raffles Hospital is within driving distance
- Orchard Road is 10 minutes away
Since Jalan Besar Plaza is located in a very upscale neighbourhood, it’s going to be a very popular hotspot for developers across Singapore. What is more, there are also many facilities close by like sporting and eatery facilities. Shopping malls are within walking distance of the site so the Plaza can offer great potential for commercial use. However, keeping the site as a mixed-use development might prove to be a more than popular solution for the new buyers.
Huttons Asia said, ‘there’s fantastic redevelopment potential for commercial developers as well as residential developers.’ They also added, ‘at the site in question, URA is more than willing to consider a serviced apartment use.
However, the layout for these apartments as well as the number of units allowed on the site will have to be subject to evaluation with a formal development application.’
‘Any developer who is lucky to buy the site could hope to capitalize on the current surge of collective sales. The prime location of Jalan Besar would certainly be an asset to any new buyer.’ Huttons Asia also added.
However, this is not the first collective sale for the Jalan Besar Plaza site. It was in 2012 when the first attempt at a collective sale was made. The owners wanted to put the building up for sale but there was a failure to collect the necessary signatures needed for a collective sales agreement.
In January 2015, it saw the next attempt for the collective sale which went in November of the same year, for public tender. The target number then was S$390 million and in June 2016 a second tender was launched at S$380 but unfortunately there was no sale.
Within the last year, there have been 17 successful collective sales and 14 of them have been of residential use. The collective sales have totalled a massive S$6.73 billion which is an incredible amount.
Three of the 17 sales were not purely residential buildings including Citimac, a freehold industrial complex. The Elite Building, an industrial and residential use building and the mixed used Goh & Goh building also.