SINGAPORE (THE BUSINESS TIMES) - The site at 101 Beach Road has come up for collective sale at a reserve price of $90 million, real estate services firm Cushman & Wakefield said in a press statement on Tuesday (June 9).

101 Beach Road sits on a corner land plot of 698.9 square metres (7,523 square feet) at the junction of Beach Road and Liang Seah Street. It has a 999-year leasehold tenure effective from Jan 25, 1827.

The six-storey, mixed-use development currently comprises retail, office and residential units. It has an existing verified gross floor area (GFA) of 3,515.89 sq m (equivalent to a gross plot ratio of 5.03), Cushman & Wakefield said.

The site is near Bugis MRT Interchange station as well as the upcoming Guoco Midtown, which is under construction.

Cushman & Wakefield said the Urban Redevelopment Authority (URA) has, in an outline application, provided two allowable development parameters for the site.

According to the URA's Master Plan 2019, the first option comes with a "commercial" zoning, at a gross plot ratio of 4.2 and an equivalent GFA of 2,935.38 sq m. The second option is to build with a "residential/commercial" zoning, at the current gross plot ratio of 5.03.

Based on the owners' reserve price, the land rate works out to be $2,848 per square foot per plot ratio (psf ppr) with no development charge payable for the full commercial option, and a land rate of $2,394 psf ppr for the second option, subject to a successful rezoning, Cushman & Wakefield said.

The allowable building height for both options is up to a maximum of six storeys.

Christina Sim, director of capital markets at Cushman & Wakefield, said: "Investor demand for such bite-sized assets in this vicinity has been on the rise. As this locality matures into a full-fledged work-live-play hub when all the residential and commercial projects are completed, asset prices are expected to rise."

The tender for 101 Beach Road will close on July 22 at 3pm.