Beauty World Plaza makes second en bloc attempt at unchanged $165m reserve price
Despite a failed attempt, the owners of Beauty World Plaza have once again put the mixed-use development up for en bloc sale, without changing the reserve price. Beauty World Plaza is situated right next to Beauty World MRT, and is nestled on a 24,817 sq ft site zoned for “commercial and residential” use.
After a failed attempt in November 2018, the owners of Beauty World Plaza have once again put up the residential and retail complex for en bloc sale, with the reserve price unchanged at $165 million, reported The Business Times.
This works out to a land rate of $2,189 per sq ft per plot ratio. No development charge is payable to the maximum permissible gross floor area of around 75,362 sq ft.
Situated right next to Beauty World MRT, the mixed-use development is nestled on a 24,817 sq ft site zoned for “commercial and residential” use.
Marketing agent Knight Frank noted that several new developments are set to be built within the area, including a one-stop integrated facility that features a Community Club, redeveloped market and hawker centre as well as community library, elderly facility and indoor sports hall.
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In fact, in-principle approval has also been obtained from authorities to redevelop Beauty World Plaza’s residential component to serviced apartments.
And with Beauty World area identified as part of the Rail Corridor, an integrated transport hub is also set to be built near Beauty World Plaza.
“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,” said Ian Loh, head of investment and capital markets at Knight Frank Singapore.
The tender for Beauty World Plaza closes on 17 July.
Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email email@example.com