Knight Frank Singapore has launched two redevelopment sites - Beauty World Plaza, and a landed residential site on Upper East Coast Road - for sale, at guide prices of $165 million and $18 million respectively.
Beauty World Plaza is zoned for commercial and residential use, with a gross plot ratio of 3.0. It occupies 24,817 sq ft of land. With no development charge payable, the land rate works out to be $2,189 psf per plot ratio (psf ppr).
Currently, the development consists of a single block with 61 retail and 30 residential units. It enjoys full sheltered access to Beauty World MRT station, and is a five-minute walk to Bukit Timah Market.
Knight Frank has submitted an outline application to the URA for the change of the land use for Beauty World Plaza, from residential to serviced apartments, says Ian Loh, executive director and head of investment and capital markets.
At 409-419 Upper East Coast Road, the site occupies 13,466 sq ft of land, and is zoned “Residential, 3-storey mixed landed”. The reserve price of $18 million translates to $1,337 psf on land.
The site currently consists of six strata terrace homes. However, there is redevelopment potential for six semi-detached homes, subject to authorities’ approval, says Knight Frank. The property is a five-minute walk to the future Bayshore MRT station, slated for opening in 2023.
The tender for Beauty World Plaza will close on Jan 30, while the tender for the Upper East Coast site will close a day later.