SINGAPORE (THE BUSINESS TIMES) - A small Beach Road site is up for collective sale at a reserve price of $90 million.
The plot of 698.9 sq m (7,523 sq ft) is at the junction of Beach Road and Liang Seah Street and has a 999-year leasehold tenure effective from Jan 25, 1827.
The six-storey, mixed-use development comprises retail, office and residential units, and is near Bugis MRT interchange station and the upcoming Guoco Midtown, which is under construction.
It has a gross floor area (GFA) of 3,515.89 sq m (equivalent to a gross plot ratio of 5.03), Cushman & Wakefield said yesterday.
The Urban Redevelopment Authority has provided two allowable developments.
The first option is a "commercial" zoning at a gross plot ratio of 4.2 and an equivalent GFA of 2,935.38 sq m.
The second is to build with a "residential/commercial" zoning at the current gross plot ratio of 5.03.
The reserve price indicates the land rate of $2,848 per square foot per plot ratio (psf ppr) with no development charge due 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 six storeys.
Ms 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, asset prices are expected to rise."
The tender for 101 Beach Road closes at 3pm on July 22.