Jalan Besar Plaza may relaunch collective sale tender in April

Singapore-listed aluminium products and components distribution company New Wave Holdings announced on Jan 29 that the tender exercise for the sale of Jalan Besar Plaza that closed on Nov 10, 2017, followed by 10 weeks of private treaty talks, had ended without a sale.

However, New Wave Holdings added that Jalan Besar Plaza is likely to be launched for collective sale again in April. New Wave Holdings owns at least one strata office and three strata shop units within the mixed-use complex located at the corner of Jalan Besar and Kitchener Road. The existing 16-storey building comprises 155 strata units, of which 44 are apartments sized between 915 and 1,593 sq ft. The remaining commercial units are a mix of strata offices and shops with sizes of up to 2,809 sq ft.

Jalan Besar Plaza sits on a freehold site of 53,043 sq ft, and is zoned for commercial and residential use with a plot ratio of 3.0 under the 2014 Master Plan. However, URA gave approval for the site to be redeveloped according to the existing approved use based on the existing gross floor area of 179,697 sq ft, which translates to a slightly higher plot ratio of 3.388.