The 4,927.8 sq m (53,043 sq ft) freehold mixed-use site Jalan Besar Plaza has been relaunched for sale via public tender. Owners are expecting a price of $380 million. According to marketing agent Huttons Asia, this figure translates into a land rate of $2,115 psf ppr for 40% commercial use and 60% residential use, based on the approved GFA of 16,694 sq m.

The site is zoned “commercial and residential”. The existing approved GFA of 16,694 sq m can be retained or redeveloped into a mixture of uses, including F&B, retail, educational, residential and serviced apartments, all without incurring a development charge.

The concentration of students from the Singapore Management University, the Nanyang Academy of Fine Arts and LaSalle College of the Arts raises demand for serviced apartments in the area, says Terence Lian, head of investment sales at Huttons Asia.

The site is close to the Bras Basah-Bugis hub and is an eight-minute walk from the Jalan Besar MRT station. It is also just a five-minute drive to the CBD.

The public tender will close on June 5.