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Beauty World Plaza owners launch redevelopment site for tender

 
29 November 18 | The Business Times
by KENNETH LIM
 

Singapore

THE owners of the Beauty World Plaza retail and residential building are putting up the redevelopment site for tender with a reserve price of S$165 million, agent Knight Frank Singapore announced on Wednesday.

The tender for Beauty World Plaza will close on Jan 30, 2019, at 3pm.

The 2,305.6 square metre site in the Upper Bukit Timah neighbourhood comprises a single block with 61 retail units and 30 residential units.

Under the Urban Redevelopment Authority's (URA) 2014 Master Plan, the site is zoned "commercial and residential" with a gross plot ratio of 3.0 times the site area.

With no development charge payable, the land rate works out to S$2,189 per square foot per plot ratio based on a maximum permissible gross floor area of 7,001.38 sq m.

An outline application for the change of use of the residential component to serviced apartments has been submitted to the URA, Knight Frank said.

The development sits next to the Beauty World MRT station, and is within 300 m of a wet market and eateries, Knight Frank noted.

It is also close to major roads such as the Pan-Island Expressway and Bukit Timah, Dunearn and Clementi roads.

"Beauty World Plaza is strategically located, with key transport infrastructure and amenities in its immediate vicinity," Knight Frank Singapore's head of investment and capital markets Ian Loh said in a statement.

Also on Wednesday, Knight Frank announced the tender for 409-419 Upper East Coast Road, a landed development in District 16 comprising six strata terrace homes. The site covers an area of 1,251.1 sq m.

Under the 2014 Master Plan, the site is zoned "residential, three-storey mixed landed" and has redevelopment potential for six semi-detached homes, subject to authorities' approval.

All six owners, who have given 100 per cent consensus for the sale, are looking towards a swift transaction without requiring an application to the Strata Titles Board for the sale order. The owners are expecting offers above their reserve price of S$18 million, which works out to S$1,337 psf on land.

Mr Loh said: "Despite recent cooling measures on the residential segment, interest in landed homes has remained strong, due to its scarcity. With the new Thomson-East Coast Line coming up, the new development will likely yield strong interest from homebuyers."

The tender for 409-419 Upper East Coast will close on Jan 31, 2019 at 3pm.