SINGAPORE – Mixed-used development Beauty World Plaza is up for sale again at $165 million, or $2,231 per sq ft of gross floor area, said real estate advisory firm ETC on Oct 13.
The eight-storey property stands on a 24,817 sq ft site, with commercial shops on the first three floors, residential flats above and an open terrace on the fourth floor. It was built in the early 1980s and has 61 retail and 30 residential units.
The 999-year leasehold development site is zoned for commercial and residential use, and has a gross plot ratio of 3.0 under the Urban Redevelopment Authority Master Plan 2025.
Preliminary approval has been granted for serviced apartments to be developed in the residential component of the development, which could accommodate about 108 keys, based on minimum unit size of 35 sq m, said ETC.
“Beyond a conventional redevelopment play, the buyer can also consider asset enhancement for the existing development,” said Swee Shou Fern, head of investment advisory at ETC.
“The property’s proximity to educational institutions enhances its potential for hospitality, serviced apartment, co-living and other accommodation concepts catering to academia.”
ETC, the sole marketing agent, is conducting the sale through a public tender exercise, which closes at 3pm on Nov 19.
This is Beauty World Plaza’s third attempt at a collective sale, all at the same price.
The development’s second en bloc attempt in mid-2019 at an unchanged reserve price of $165 million failed to draw any takers.
Its first bid was in November 2018. THE BUSINESS TIMES
