SINGAPORE: Jalan Besar Plaza will be put up for sale again after a bid to sell the building last November failed, real estate group Huttons said on Monday (Jun 6).
The 36-year-old building will be launched for public tender on Tuesday at a minimum price of S$380 million, or S$2,115 per square foot per plot ratio. The sale in November had priced the building at S$390 million but did not receive any bids.
The 16-storey building has a three-storey commercial podium, 44 residential apartments and 111 commercial units. It is on a freehold site of 4,927.8 metres.
The tender in November had a development charge of S$7.63 million, which has been scrapped this time round. That tender also listed the building’s gross floor area available for redevelopment at 14,783.4 square metres, based on a plot ratio of 3.
The building’s owners have since sought approval from the Urban Redevelopment Authority (URA) that the overall gross floor area of 16,694.23sqm can be redeveloped.
Any redevelopment will have to comply with the 2014 Master Plan, which zoned the site under commercial and residential use.
URA is also prepared to consider the site being redeveloped for serviced apartments, Huttons said. However, the number of units and layout would be subject to evaluation and compliance with the requirements of relevant authorities.
The closing date for the tender is Jul 14 at 3pm.