Jalan Besar Plaza up for collective at $390 mil

By
/ EdgeProp
|
October 9, 2017 11:54 AM SGT
Jalan Besar Plaza at Kitchener Road will be launched for collective sale – its third collective sale attempt – on Oct 10. The guide price is $390 million, or $2,170 psf per plot ratio (ppr). No development charge is payable, says marketing agent Huttons Asia.
Under the 2014 Master Plan, the 53,043 sq ft site is zoned ‘Commercial and Residential’ with a gross plot ratio of 3.0.
The existing 155-unit development comprises a 16-storey building that includes a three-storey commercial podium. Of the 155 units, 44 are residential apartments sized at 915 sq ft and 1,593 sq ft while the remaining 111 are commercial units measuring up to 2,809 sq ft.
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Source: Huttons Asia
According to Huttons, URA advised on May 23 that the proposal for the development to retain its existing approved overall gross floor area (GFA) of 179,697 sq ft can be supported. This is provided the redevelopment complies with the land use intention in the Master Plan. The approved overall GFA translates to a gross plot ratio of 3.388.
Huttons says that the site can be redeveloped into a serviced residence or a mixed-use development comprising a mix of retail, hotel, serviced residence and residential components, subject to authorities’ approval.
The tender exercise closes on Nov 10.