Beauty World Plaza seeks to go en bloc again

Beauty World Plaza, which is next to Beauty World MRT station, has a site area of 24,817 sq ft.
Beauty World Plaza, which is next to Beauty World MRT station, has a site area of 24,817 sq ft.PHOTO: LIANHE ZAOBAO

Owners at residential and retail complex Beauty World Plaza have launched another bid to go en bloc at a reserve price of $165 million - unchanged from their previous attempt in November.

The estate has also won in-principle approval to redevelop the residential part to serviced apartments, said marketing agent Knight Frank yesterday.

Beauty World Plaza, which is next to Beauty World MRT station, has a site area of 24,817 sq ft.

There is no development charge payable for redevelopment to the maximum permissible gross floor area of about 7,5362 sq ft, while the land rate works out to $2,189 per square foot per plot ratio.

Knight Frank noted that several new developments will be built in the area, including a one-stop facility incorporating a community club, a redeveloped market and hawker centre, as well as an indoor sports hall, community library and elderly facility.

An integrated transport hub will also be built near Beauty World Plaza.

Mr Ian Loh, head of investment and capital markets at Knight Frank Singapore, said: "With the improved public transport system and amenities planned for the area, we believe the location will continue to be bustling in the years to come."

Some commercial buildings have found buyers. Realty Centre went for $148 million in April and Selegie Centre sold for $120 million in March. But others remain unsold, including Jalan Besar Plaza and Verdun House.

The Beauty World Plaza tender closes on July 17.

A version of this article appeared in the print edition of The Straits Times on June 18, 2019, with the headline 'Beauty World Plaza seeks to go en bloc again'. Print Edition | Subscribe