It got an in-principle approval to convert the residential component to serviced apartments.
Beauty World Plaza, a mixed-use development located along Upper Bukit Timah Road, has been launched via tender for a reserve price of $165m, marketing agent Knight Frank Singapore revealed.
Beauty World Plaza has a site area of 2,305.6 sqm (24,817 sqft) and sits next to the Beauty World MRT station, with full sheltered access to its entrance. Supermarkets, eateries, established schools, as well as a wet market, are located close to the vicinity.
The site is served by major arterial roads and expressways such as the Pan-Island Expressway, Bukit Timah Road, Dunearn Road, Clementi Road and Ayer-Rajah Expressway. Under the 2014 Master Plan, the site is zoned “Commercial & Residential”.
With no development charge payable for redevelopment to the maximum permissible gross floor area of 7,001.38 sqm, the land rate works out to $2,189 psf ppr. The Urban Redevelopment Authority (URA) has also provided an in-principle approval for the redevelopment of the residential component to serviced apartments.
Dr Kam Hwee Beng, chairman of the Sale Committee of Beauty World Plaza adds, “URA has been studying the planning perimeters of the Beauty World area and have provided an initial in-principle approval to our Outline Application of the proposed land use for commercial and serviced apartments. URA has committed to provide a formal reply to our Outline Application by the end of June 2019.”
The tender for Beauty World Plaza will close on 17 July 2019, Wednesday at 3 p.m.
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