Beauty World Plaza makes fresh collective sale bid at $165 mil
Outline planning permission for 108 serviced-apartment keys may broaden buyer interest beyond redevelopment, potentially supporting asset enhancement and mixed-use repositioning in the transforming Beauty World precinct.
Beauty World Plaza has launched a fresh collective sale tender at $165 million, equivalent to $2,231 psf of gross floor area, closing Nov 19.
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Beauty World Plaza, a 999-year leasehold mixed-use development on Upper Bukit Timah Road, has been launched for collective sale via a public tender exercise, with a guide price of $165 million.
The guide price translates to $2,231 psf of gross floor area, said marketing agent ETC (a member of Realion Group) in an Oct 13 release.
The fresh en bloc bid follows past tender launches for Beauty World Plaza in June 2019 and November 2018. The development was similarly priced at $165 million in both exercises.
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Beauty World Plaza is an eight-storey development comprising commercial shops on Levels 1 to 3 and residential apartments on Levels 4 to 8. There is also an open terrace on Level 4.
The development occupies a corner plot along Upper Bukit Timah Road and Bukit Timah Link measuring 24,817 sq ft. The land is zoned for commercial and residential use, with a gross plot ratio of 3.0. It is adjacent to Beauty World MRT Station on the Downtown Line.
The site offers buyers “flexibility to explore different strategies”, said Swee Shou Fern, ETC’s head of investment advisory. “Beyond a conventional redevelopment play, the buyer can also consider asset enhancement for the existing development.”
According to ETC, outline planning permission for serviced apartments has been granted for the site's residential component. The site could yield 108 keys, based on a minimum unit size of 35 sq m (377 sq ft).
“The in-principle planning approval opens up the potential to convert the upper floors to serviced apartments or co-living residences and curate the commercial podium for retail, F&B, lifestyle amenities, enrichment centres or coworking space…subject to authorities’ approval,” Swee commented.
Beauty World Plaza is close to several upcoming developments that are reshaping the Beauty World precinct. These include an integrated transport hub linking Beauty World MRT Station with a new bus interchange, along with The Reserve Residences (an integrated development comprising 732 apartments and retail mall Bukit V) and the 158-unit condo 8@BT.
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“Beauty World Plaza is extremely well-placed to benefit from this transformation, given its immediate access to the MRT station and established residential, education and lifestyle catchment,” said Swee.
The development is close to several educational institutions, with Pei Hwa Presbyterian Primary School located within a 1km radius, while Bukit Timah Primary School and Methodist Girsl’ School (Primary) are within a 2km radius.
Within the wider vicinity, tertiary institutions such as the Singapore Institute of Management, Singapore University of Social Sciences and Ngee Ann Polytechnic are a short drive away, along with international schools such as Singapore Korean International School and Chatsworth International School.
The tender will close at 3pm on Nov 19.
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