SINGAPORE – Knight Frank Singapore, is pleased to announce the launch of the sale of Beauty World Plaza by tender. Knight Frank is the exclusive marketing agent for the mixed-use development located along Upper Bukit Timah Road.
Beauty World Plaza has a site area of 2,305.6 sq m (approx. 24,817 sq ft) and sits next to the Beauty World MRT station, with full sheltered access to its entrance. Supermarkets, eateries, established schools, as well as a wet market, are located close to the vicinity.
The site is served by major arterial roads and expressways such as the Pan-Island Expressway, Bukit Timah Road, Dunearn Road, Clementi Road and Ayer-Rajah Expressway providing seamless connectivity to other parts of Singapore.
Under the 2014 Master Plan, the site is zoned “Commercial & Residential”.
The owners are expecting offers above their reserve price of S$165 million. With no development charge payable for redevelopment to the maximum permissible gross floor area of 7,001.38 sq m, the land rate works out to S$2,189 per square foot per plot ratio (psf ppr).
In an Outline Application submitted, the Urban Redevelopment Authority (URA) has also provided in-principle approval for the redevelopment of the residential component to serviced apartments.
Under the recent announcement of URA’s 2019 Draft Master Plan, several new developments will be built — a one-stop integrated facility incorporating a Community Club, redeveloped market and a hawker centre, as well as an indoor sports hall, community library and elderly facility to enhance liveability.
Less than 200 metres away from Beauty World Plaza, an Integrated Transport Hub will also be constructed to serve the area. The Beauty World area has also been earmarked as part of the Rail Corridor, serving as a gateway to nature and heritage attractions.
Mr Ian Loh, Head of Investment and Capital Markets of Knight Frank Singapore says, “At the reserve price of S$165 million ($2,189 psf ppr), Beauty World Plaza compares favourably to the transaction of Realty Centre, at S$2,438 psf ppr. We have also noticed a recent pickup in commercial and hospitality assets. 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.”
Dr Kam Hwee Beng, Chairman of the Sale Committee of Beauty World Plaza adds, “URA has been studying the planning perimeters of the Beauty World area and have provided an initial in-principle approval to our Outline Application of the proposed land use for commercial and serviced apartments. URA has committed to provide a formal reply to our Outline Application by the end of June 2019. We anticipate a favourable response to our proposal.”
The tender for Beauty World Plaza will close on 17 July 2019, Wednesday at 3.00 pm.