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Jalan Besar Plaza put up for sale — again

SINGAPORE — Jalan Besar Plaza is being put on the market again after the first sale attempt last November failed to draw interest, said real estate agency Huttons Asia yesterday. Huttons has been appointed the property consultant for the exercise.

During its previous tender launch on Nov 24, 2015, Jalan Besar Plaza’s sale price was estimated at S$390 million, but failed to draw any bids. Photo: Huttons Asia

During its previous tender launch on Nov 24, 2015, Jalan Besar Plaza’s sale price was estimated at S$390 million, but failed to draw any bids. Photo: Huttons Asia

SINGAPORE — Jalan Besar Plaza is being put on the market again after the first sale attempt last November failed to draw interest, said real estate agency Huttons Asia yesterday. Huttons has been appointed the property consultant for the exercise.

The tender for the collective sale will be launched today and closes at 3pm on July 14.

The minimum asking price for the freehold commercial and residential complex near Jalan Besar and Kitchener Road is S$380 million, or S$2,115 per sqf per plot ratio.

No development charge is payable for the site.

During its previous tender launch on Nov 24, 2015, the estimated sale price was S$390 million.

However, no bids were received at the close of that tender on Jan 21, 2016, and no private sale was concluded during the 10 weeks from the close of that tender, which ended on March 31, 2016, said Huttons.

With a site area of 53,043sqf, Jalan Besar Plaza has an approved gross floor area (GFA) of 179,697sqf.

The existing development is a 16-storey building with a three-storey commercial podium, and comprises 44 residential apartments with sizes from 915sqf to 1,593sqf and 111 commercial units of sizes from 151sqf to 2,809sqf.

An outline application was submitted to the Urban Redevelopment Authority (URA) in April to seek confirmation of the allowable overall GFA.

The response from the URA on May 23 confirmed that the approved overall GFA of 179,697sqf can be supported if the site’s redevelopment complied with the Master Plan land use intention.

The URA is also prepared to consider serviced-apartment use for the site, but the number of allowable units and layout would be subject to detailed evaluation at the formal development application stage and compliance with requirement from other relevant agencies, said Huttons.

Hopes for collective sales have re-emerged after the sale of 358-unit condominium Shunfu Ville for S$638 million to developer Qingjian Realty last month.

The deal was struck after 80 per cent of the owners agreed to accept the offer, despite it being lower than the reserve price of at least S$688 million.

This was the second time Shunfu Ville — located near Marymount MRT Station — has been put up for collective sale. In September last year, the tender closed without finding a buyer.

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