https://www.businesstimes.com.sg/rea...ed-s165m-price

Beauty World Plaza in 2nd sale bid at unchanged S$165m price

It has in-principle approval to turn its residential units into serviced apartments; neighbourhood to get new amenities


Tue, Jun 18, 2019

Yunita Ong


OWNERS at the residential-and-retail complex Beauty World Plaza have launched another tender for a collective sale at a reserve price of S$165 million - unchanged from that of their previous attempt last November.

The authorities have also provided for an in-principle approval for the redevelopment of the residential component into serviced apartments, said marketing agent Knight Frank on Monday.

Located next to Beauty World MRT station, Beauty World Plaza has a site area of 24,817 sq ft and is zoned "commercial and residential".

There is no development charge payable for redevelopment to the maximum permissible gross floor area of about 75,362 sq ft.

The land rate works out to S$2,189 per sq ft per plot ratio (psf ppr).

Knight Frank also pointed out that, under the 2019 Draft Master Plan, several new developments will come up in the neighbourhood. These include a one-stop integrated facility incorporating a community club, a redeveloped market and a hawker centre, an indoor sports hall, a community library and an elderly facility.

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

The Beauty World area has also been identified as part of the Rail Corridor.

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

Commercial buildings elsewhere that have gone en bloc lately have found buyers. Realty Centre in Tanjong Pagar went for S$148 million to The Place Holdings in April; Selegie Centre in Selegie Road sold for S$120 million in March to Peak Tower Corp.

Buildings which closed their collective sale tenders without finding buyers include Jalan Besar Plaza and Verdun House in Little India.

The tender for Beauty World Plaza closes on July 17.