Beauty World Plaza's second en bloc try ends with no takers

Mixed-use development now in 10-week private treaty period; owners keeping reserve price at S$165 million

FRI, JUL 19, 2019

NATALIE CHOY


BEAUTY World Plaza's second en bloc attempt at an unchanged reserve price of S$165 million failed to draw any takers.

Its collective sale tender, launched on June 17, closed on Wednesday without a single bid. The first launch was in late November last year.

The 24,817 sq ft mixed-used development has since moved into the 10-week private treaty period, Knight Frank Singapore's head of investment and capital markets Ian Loh told The Business Times.

The private treaty period allows owners to negotiate with interested buyers.

Owners of Beauty World Plaza are keeping the reserve price at S$165 million, said Mr Loh.

The land rate works out to S$2,189 per square foot per plot ratio. No development charge is payable for redevelopment to the maximum permissible gross floor area of about 75,362 sq ft.

Located in Upper Bukit Timah, the complex is next to Beauty World MRT station. It comprises a single block with 61 retail and 30 residential units.

The estate has in-principle approval for the redevelopment of the residential part to serviced apartments.

Knight Frank noted that several new developments will be built in the area, including a one-stop facility incorporating a community club, a redeveloped market and hawker centre, as well as an indoor sports hall, community library and elderly facility.

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