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Jalan Besar Plaza makes third try at collective sale with S$390m target
THE hot collective sales market has prompted owners of freehold mixed-use development Jalan Besar Plaza in Kallang to make an attempt at a collective sales for the third time.
They are hoping to sell the building for S$390 million, said marketing agent Huttons Asia on Monday.
This works out to be S$2,170 per square foot per plot ratio (psf ppr).
The approved gross floor area of 16,694.23 square metres translates to a gross plot ratio (GPR) of 3.388, which is higher than the 2014 Master Plan GPR of 3.0, hence no development charge is expected to be payable.
The public tender will be launched on Tuesday and closes on Nov 10.
Sitting in a neighbourhood known for its popular eateries and sporting facilities, Jalan Besar Plaza has huge potential to be redeveloped for both residential and commercial purposes, Huttons said.
"URA is also prepared to consider serviced apartment use at the subject site, but the number of allowable units and layout would be subject to detailed evaluation at formal development application stage and compliance with the requirements of other technical agencies," it added.
"Developers can capitalise on the booming serviced residence industry by leveraging Jalan Besar's prime location."
The current 16-storey building comprises 44 residential apartments of 915 sq ft and 1,593 sq ft, and 111 commercial units in the commercial podium that spans three floors.
The first collective sales attempt by owners took place in 2012 but failed to kick-start the collection of signatures for the collective sales agreement. The second attempt in January 2015 launched one public tender in November 2015 with an indicated S$390 million target, and a second tender in June 2016 with an indicated target of S$380 million. But there were no takers then.
Of the 16 collective sales worth over S$5.84 billion this year, 13 were purely residential developments. The other three included Goh & Goh mixed-used building, freehold industrial complex Citimac, and Elite Building, which is on the site zoned for "residential/institution" use and approved as a commercial school.