Singapore – Knight Frank Singapore, the exclusive marketing agent of both Beauty World Plaza and 409-419 Upper East Coast Road, is pleased to announce the launch of the sale of the two redevelopment sites, by tender.
Beauty World Plaza
Beauty World Plaza, located in District 21, is a mixed commercial and residential development comprising a single block with 61 retail units and 30 residential units, with a site area of 2,305.6 sq m (approx. 24,817 sq ft). Under the 2014 Master Plan, the site is zoned “Commercial & Residential” with a Gross Plot Ratio (GPR) of 3.0.
Beauty World MRT station, which conveniently abuts the development, has full sheltered access to its entrance.
Located within a 300-metre radius are supermarkets, eateries, schools, as well as a wet market. Established schools and tertiary institutions are also located close by, including Methodist Girls’ Primary and Secondary Schools, Pei Hwa Presbyterian Primary School, Ngee Ann Polytechnic and the Singapore University of Social Sciences.
Major arterial roads, as well as expressways such as the Pan-Island Expressway (PIE), Bukit Timah Road, Dunearn Road, Clementi Road and Ayer-Rajah Expressway (AYE), provide seamless connectivity to other parts of Singapore. It takes only 25 minutes via the Downtown Line, or a 20 minutes’ drive, to get to the Central Business District. Additionally, the development is less than 30 minutes’ drive to Changi Airport.
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).
Mr Ian Loh, Executive Director and Head of Investment and Capital Markets, Knight Frank Singapore, says, “Beauty World Plaza is strategically located, with key transport infrastructure and amenities in its immediate vicinity. An outline application for the change of use of the residential component to serviced apartments has been submitted to URA, pending their response.”
The tender for Beauty World Plaza will close on 30 January 2019, Wednesday at 3.00 pm.
409-419 Upper East Coast Road
409-419 Upper East Coast Road is a landed development located in District 16, comprising 6 strata terrace homes covering a site area of 1,251.1 sq m (approx. 13,466 sq ft). Under the 2014 Master Plan, the site is zoned “Residential, 3-storey mixed landed” and has redevelopment potential for 6 semi-detached homes, subject to authorities’ approval.
The development boasts a short 3-minute walk to the upcoming Bayshore MRT station, which is set to be part of the new Thomson-East Coast Line that will be completed by 2024. Well-connected by East Coast Parkway (ECP), it takes only 15 minutes to hit the Central Business District (CBD), and less than 10 minutes to Changi Airport.
A wide array of eateries and shopping amenities is also available at the Siglap and Bedok areas, which are less than 5 minutes’ drive away.
All six owners, who have given 100% consensus for the sale, are looking towards a swift transaction without requiring an application to the Strata Titles Board for the Sale Order.
The owners are expecting offers above their reserve price of S$18 million, which works out to S$1,337 per square foot (psf) on land.
Mr Loh shares, “Despite recent cooling measures on the residential segment, interest in landed homes has remained strong, due to its scarcity. With the new Thomson-East Coast Line coming up, the new development will likely yield strong interest from homebuyers.”
The tender for 409-419 Upper East Coast will close on 31 January 2019, Thursday at 3.00 pm.