Beauty World Plaza up for collective sale for third time at S$165 million

SINGAPORE: Mixed-use development Beauty World Plaza is up for collective sale for a third time at S$165 million (US$129 million), said ETC, a member of real estate group Realion, on Tuesday (Oct 13). This translates to about S$2,231 per square foot of gross floor area. Located next to Beauty World MRT station, Beauty World Plaza is a 999-year leasehold development on a site of about 24,817 sq ft. It has eight storeys, with shops on levels one to three and apartments on the remaining floors. ETC, the sole marketing agent, is conducting the sale via a public tender exercise which closes at 3pm on Nov 19. The site is zoned for "commercial and residential" use with a gross plot ratio of 3 under the Urban Redevelopment Authority (URA) Master Plan 2025. In-principle planning approval from URA for serviced apartments has been granted for the residential component of the development, allowing for about 108 keys based on a minimum unit size of 35 sq m, said ETC. Beauty World Plaza is also located in an area with a high concentration of tertiary and international educational institutions, including the Singapore Institute of Management, Singapore University of Social Sciences and National University of Singapore, added ETC. Meanwhile, primary schools within 1km of the development include Pei Hwa Presbyterian Primary School, with Bukit Timah Primary School and Methodist Girls' School (Primary) within a 2km radius. "Beauty World Plaza offers a rare opportunity to acquire a near-freehold asset in a vibrant and highly accessible locale within Bukit Timah, with the flexibility to explore different strategies for the asset," said ETC's head of investment advisory Swee Shou Fern. This is the third time Beauty World Plaza has been put up for collective sale. Attempts to sell the development at the same guide price were previously made in November 2018 and June 2019 by Knight Frank Singapore.