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Jalan Besar Plaza is up for sale once again after the building failed to draw interest in November, revealed real estate group, Huttons Asia.
The property price was slashed to a minimum of S$380 million or S$2,115 per sq ft per plot ratio. It had the price tag of S$390 million when it was first launched for tender in November last year.
Featuring a three-storey commercial podium, 111 commercial units and 44 residential apartments, Jalan Besar Plaza has a site area of 53,043 sq ft and an approved gross floor area (GFA) of 179,697 sq ft.
According to the agency, no development charge is payable for the freehold building.
In April, an outline application seeking for confirmation of the allowable GFA was submitted to the Urban Redevelopment Authority (URA).
According to media reports, the URA confirmed on 23 May that the approved GFA can be supported if the redevelopment of the site complied with the Master Plan land use intention.
Huttons Asia added that the URA is also prepared to consider the site for serviced-apartment use. However, the layout and number of allowable units would be subject to evaluation at the formal development application stage as well as compliance with requirements of other relevant agencies.
The tender for the 16-storey building will close on 14 July.
Image Source: Huttons Asia
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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