SINGAPORE (EDGEPROP) - A corner land plot at the junction of Beach Road and Liang Seah Street has been put up for collective sale with a reserve price of $90 million. The six-storey building currently has retail, office and residential units and a gross floor area of 37,845 sq ft.
The area of the plot is approximately 7,523 sq ft and the land has a tender of 999 years, effective from Jan 25, 1827. It is positioned near Bugis MRT Interchange on the Downtown Line and East-West Line and is easily accessible via East Coast Parkway, Kallang-Paya Lebar Expressway and Marina Coastal Expressway.
The buyer can benefit from the upcoming transformation of the Beach Road area. Guoco Midtown, an up-and-coming integrated development with residences, offices and communal spaces is set to be completed in the first half of 2022. The shopping districts of Bugis Village and Bugis Street will also be revamped.
Director of capital markets at Cushman and Wakefield Christina Sim says that asset prices in the region are expected to rise as the area matures into a “work-live-play hub”.
Two allowable development parameters by the URA are “commercial” as per the Master Plan 2019 zoning, whereby gross plot ratio is 4.2 ($2,848 psf per plot ratio), or “commercial/residential” at current gross plot ratio of 5.03 ($2,394 psf per plot ratio), subject to successful rezoning. The maximum allowable building height is six storeys.
The tender for closes on July 22 at 3pm.
For price trends, recent transactions, other project info, check out these research pages: Beach Road, Liang Seah Street
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