Beauty World Plaza up for sale at $165 million again

By
/ EdgeProp Singapore
|
June 18, 2019 2:17 PM SGT
Beauty World Plaza has been launched for sale by tender for the second time. The reserve price remains unchanged at $165 million ($2,189 psf ppr). Knight Frank Singapore is the exclusive marketing agent.
With a site area of about 24,817 sq ft, Beauty World Plaza is zoned for commercial and residential use under the 2014 Master Plan. The freehold development is next to Beauty World MRT station on the Downtown Line. It was first put up for sale in November last year.
No development charge is payable for redevelopment to the maximum permissible gross floor area of about 75,362 sq ft. In an Outline Application submitted, the Urban Redevelopment Authority (URA) has also provided an in-principle approval for redevelopment of the residential component to serviced apartments.
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Under URA’s 2019 Draft Master Plan, several new developments will be built. These include a one-stop integrated facility incorporating a Community Club, redeveloped market, a hawker centre, an indoor sports hall, community library and an elderly facility.
Nearby, an integrated transport hub will also be constructed to serve the Beauty World area that has been earmarked as part of the Rail Corridor.
The tender for Beauty World Plaza will close on July 17, 3pm.