Owners at the residential and retail complex Beauty World Plaza have launched another tender for a collective sale at a reserve price of S$165 million – unchanged from their previous attempt back in late November 2018.
Authorities have also provided for an in-principle approval for redevelopment of the residential component to serviced apartments, following an outline application submitted, said marketing agent Knight Frank in a Monday statement.
Located next to Beauty World MRT, Beauty World Plaza has a site area of 24,817 sq ft and is zoned “commercial and residential”. There is no development charge payable for redevelopment to the maximum permissible gross floor area of about 75362 sq ft, the land rate works out to S$2,189 per square foot per plot ratio (psf ppr).
Knight Frank also pointed out that under the 2019 Draft Master Plan, several new developments will be built, including a one-stop integrated facility incorporating a Community Club, redeveloped market and a hawker centre, as well as an indoor sports hall, community library and elderly facility.
An integrated transport hub will also be built close to Beauty World Plaza. The Beauty World area has also been identified as part of the Rail Corridor.
Head of investment and capital markets of Knight Frank Singapore Ian Loh said: “With the improved public transport system and amenities planned for the Beauty World area, we believe the location will continue to be bustling in the years to come.”
Some commercial buildings have found a buyer. Realty Centre went for S$148 million to The Place Holdings in April; Selegie Centre sold for S$120 million in March to Peak Tower Corp.
But there are others with closed collective sale tenders that remain unsold, including Jalan Besar Plaza and Verdun House.
The tender for Beauty World Plaza will close on July 17,2019, Wednesday.