The owners of Beauty World Plaza are putting up the retail and residential development for tender with a reserve price of $165 million, marketing agent Knight Frank Singapore said yesterday.
The 2,305.6 sq m site in Upper Bukit Timah comprises a single block with 61 retail and 30 residential units.
Under the Urban Redevelopment Authority's (URA) Master Plan 2014, the site is zoned "commercial and residential" with a gross plot ratio of three times the site area. With no development charge payable, the land rate works out to $2,189 per sq ft 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 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's head of investment and capital markets, Mr Ian Loh, said.
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 freehold property at 110 to 122 Upper Bukit Timah Road was built in the late 1980s and comprises seven apartments and seven shops.
The tender for Beauty World Plaza will close on Jan 30 at 3pm.