Freehold commercial site at former New World Amusement Park launched for sale

A FREEHOLD commercial site at the former New World Amusement Park along Jalan Besar Road has been launched for sale via an expression of interest (EOI) exercise.

On Monday, marketing agent JLL said that the indicative guide price of the site is about S$13.5 million, reflecting a unit land rate of about $1,392 per square feet per plot ratio (psf ppr). No development charge is payable for the intensification of the site.

The site is situated between 251 Jalan Besar Road and 255 Jalan Besar Road, and occupies a total land area of about 3,230 sq ft.

Clemence Lee, JLL's associate director for capital markets, said that after factoring in the development cost, the blended break-even for the new development would be around S$1,925 psf.

"This compares favourably to the average price of S$5,000-5,500 psf achieved for the strata retail units and S$2,400-2,500 psf for the strata office units at the nearby Arc 380 and Centrum Square," he added.

Subject to approval from the relevant authorities, potential commercial uses for the new development include F&B services, office, co-working and retail, among others.

JLL said that written permission has been obtained by the existing owner to develop the site to accommodate two four-storey units infill envelope control buildings with temporary eating house use on the ground floor and office use for the upper floor.

The approved gross floor area is 9,694 sq ft.

Foreigners are eligible to purchase the site. There is also no additional buyer's stamp duty or seller's stamp duty imposed on the purchase of the property, JLL said.

The EOI exercise will close on May 30 at 3pm.