Beauty World Plaza for sale by tender at $165m

The 2,305 sqm development houses 61 retail and 30 residential units.

Two redevelopment sites, Beauty World Plaza and an upper east coast strata landed property, have been launched for sale by tender by Knight Frank Singapore, an announcement revealed.

Beauty World Plaza, located in District 21, is a mixed commercial and residential development comprising of 61 retail units and 30 residential units. It has a site area of 2,305.6 sqm and is zoned for ‘commercial and residential’ use with a gross plot ratio (GPR) of 3.

The development is located within a 300 metre radius to supermarkets, eateries, schools and a wet market, and the Beauty World MRT station has full sheltered access to the property, according to the announcement.

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

According to Knight Frank, Beauty World Plaza’s owners are expecting offers about their reserve price of $165m, with no development charge payable for redevelopment to the maximum permissible gross floor area (GFA) of 7,001.38 sqm.

The tender for Beauty World Plaza will close on 30 January 2019 at 3 p.m.

Meanwhile, the site at 409-419 Upper East Coast Road is landed development comprising six strata terrace homes covering 1,251.1 sqm, the announcement revealed. The site in District 16 is zoned ‘Residential, 3-storey mixed landed’ and has redevelopment potential for six semi-detached homes.

According to Knight Frank, the property boasts easy access to the Central Business District (CBD) and Changi Airport thanks to its connection to East Coast Parkway (ECP). Eateries and shopping amenities in the Siglap and Bedok areas are also a five minute car drive away.

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

All six owners of the site who have given 100% consensus for the sale expect offers above their reserve price of $18m which works out to $1,337 psf on land.

The tender for the site at 409-419 Upper East Coast will close on 31 January 2019 at 3 p.m.

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