SINGAPORE - The owners of Beauty World Plaza are putting up the retail and residential development for tender with a reserve price of $165 million, agent Knight Frank Singapore announced on Wednesday (Nov 28).
The 2,305.6 sq m site in the Upper Bukit Timah neighbourhood comprises a single block with 61 shop units and 30 apartments.
Under the Urban Redevelopment Authority's (URA) 2014 Master Plan, the site is zoned "commercial and residential" with a gross plot ratio of 3.0 times the site area. With no development charge payable, the land rate works out to $2,189 per square foot per plot ratio based on a maximum permissible gross floor area of 7,001.38 sq m.
An outline application for the change of use of the residential component to serviced apartments has been submitted to the URA, Knight Frank said.
The development sits next to the Beauty World MRT station, and is within 300m of a wet market and eateries, Knight Frank said. It is also close to major roads such as the Pan-Island Expressway and Bukit Timah, Dunearn and Clementi roads.
"Beauty World Plaza is strategically located, with key transport infrastructure and amenities in its immediate vicinity," Knight Frank Singapore head of investment and capital markets Ian Loh said in a statement.
Across the road, another old, strata-titled mixed development, Goh & Goh Building, was sold to a unit of BBR Holdings for $101.5 million in May last year.
The tender for Beauty World Plaza will close on Jan 30 at 3pm.