The owners of Jalan Besar Plaza are hoping that third time’s a charm as they launch a tender to collectively sell the property for $390 million. The mixed-use residential and commercial site, which sits along Jalan Besar and Kitchener Road, was previously put up for en bloc sale in June 2016 and in November 2015.
The guide price of $390 million makes it about $2,170 psf per plot ratio and no developmental charges are applicable for the site. Jalan Besar Plaza sits on 53,043 sq ft of land and has an approved gross floor area of 179, 697 sq ft. Its close proximity to Singapore Management University, Nanyang Academy of Fine Arts and LaSalle College of the Arts make it “perfect” to be redeveloped into serviced apartments, according to marketing agent, Huttons Asia.
Jalan Besar Plaza is comprised of 16 storeys, with 3 storeys for commercial use with 111 units ranging from 151 sq ft to 2,809 sq ft. There are a total of 44 apartment units with sizes ranging from 915 sq ft to 1,593 sq ft.
The tender exercise for the freehold property closes on November 10.
Read more or find out about these other properties vying to sell collectively: