News: Beauty World Plaza up for sale at $165m

Nov 29, 2018

Located right next to Beauty World MRT station, the asking price of the development works out to $2,189 psf ppr. (Photo: Knight Frank)

Two redevelopment sites – Beauty World Plaza and 409-419 Upper East Coast Road – have been launched for sale by tender, revealed marketing agent Knight Frank Singapore.

Located in District 21, Beauty World Plaza comprises a single block with 30 residential units and 61 retail units. With an area of 2,305.6 sq m, the site is zoned commercial and residential under the 2014 Master Plan with a gross plot ratio of 3.0.

More: Developers’ En Bloc Appetite Diminishing: RHB

The development is right next to Beauty World MRT station and is within a 300-metre radius of schools, supermarkets, eateries and wet markets. It is also connected to other parts of Singapore via the Pan-Island Expressway, Dunearn Road, Bukit Timah Road, Clementi Road and the Ayer-Rajah Expressway.

The owners expect offers to go beyond their reserve price of $165 million, or $2,189 psf per plot ratio (psf ppr) based on the maximum permissible gross floor area of 7,001.38 sq m. No development charge is payable.

“An outline application for the change of use of the residential component to serviced apartments has been submitted to URA, pending their response,” revealed Ian Loh, Knight Frank Singapore executive director and head of investment and capital markets.

Meanwhile, 409-419 Upper East Coast Road is a landed development comprising six strata terrace houses.

All six owners have agreed to the sale and expect offers above the property’s reserve price of $18 million ($1,337 psf ppr).

Zoned “residential, three-storey mixed landed” under the 2014 Master Plan, the 1,251.1 sq m site can be redeveloped into six semi-detached homes, subject to relevant approvals.

The property is close to the upcoming Bayshore MRT station which will form part of the new Thomson-East Coast Line. Well-connected via East Coast Parkway, it is a short distance from the Central Business District and Changi Airport.

The tender for Beauty World Plaza and the Upper East Coast Road property will close on 30 January and 31 January respectively.

More: Understanding The En Bloc Process (August 2018)

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Nikki B.
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SINGAPORE ESTATE AGENCY PTE LTD
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