101 Beach Road up for en bloc sale with S$90m reserve price

A MIXED-USE development at 101 Beach Road will be up for collective sale at a reserve price of S$90 million, real estate services firm Cushman & Wakefield said in a press statement on Tuesday.

The property will be officially launched for sale by tender on Wednesday.

101 Beach Road sits on a corner land plot of 698.9 square metres (7,523 square feet) at the junction of Beach Road and Liang Seah Street. It has a 999-year leasehold tenure effective from Jan 25, 1827.

The six-storey building currently comprises retail, office and residential units. It has an existing verified gross floor area (GFA) of 3,515.89 sq m (equivalent to a gross plot ratio of 5.03), Cushman & Wakefield said.

The site is near Bugis MRT Interchange station as well as the upcoming Guoco Midtown, which is under construction.

Cushman & Wakefield said the Urban Redevelopment Authority (URA) has, in an outline application, provided two allowable development parameters for the site.

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According to the URA's Master Plan 2019, the first option comes with a "commercial" zoning, at a gross plot ratio of 4.2 and an equivalent GFA of 2,935.38 sq m. The second option is to build with a "residential/commercial" zoning, at the current gross plot ratio of 5.03.

Based on the owners' reserve price, the land rate works out to be S$2,848 per square foot per plot ratio (psf ppr) with no development charge payable for the full commercial option, and a land rate of S$2,394 psf ppr for the second option, subject to a successful rezoning, Cushman & Wakefield said.

The allowable building height for both options is up to a maximum of six storeys.

Christina Sim, director of capital markets at Cushman & Wakefield, said: "Investor demand for such bite-sized assets in this vicinity has been on the rise. As this locality matures into a full-fledged work-live-play hub when all the residential and commercial projects are completed, asset prices are expected to rise."

The tender for 101 Beach Road will close at 3pm on July 22.