Jalan Besar Plaza put up for en bloc sale again at S$390m

Jalan Besar Plaza put up for en bloc sale again at S$390m

SINGAPORE: Freehold mixed development Jalan Besar Plaza is being put up for collective sale for the third time, with the owners looking at a S$390 million price tag, property group Huttons Asia said on Monday (Oct 9).

The tender of the 4,927.8-sq-m site comes amid a flurry of en bloc sales this year, with two such deals closed last week.

Last week, Amber Park was sold for S$906.7 million in Singapore’s largest freehold collective sale by dollar value. Meanwhile, Normanton Park was snapped up for S$830.1 million, scoring the highest land rate for a 99-year leasehold collective sale site so far this year.

Jalan Besar Plaza’s first attempt at a collective sale was in 2012, but it failed to kick-start the collection of signatures to the collective sale agreement.

A second attempt in January 2015 saw one public tender in November 2015 for S$390 million and another in June 2016 for S$380 million, but there were no takers.

“As there were encouraging responses during the two tender exercises from both local and foreign prospective purchasers, the owners have decided to restart another collective sale exercise,” Huttons said in a statement.

Jalan Besar Plaza will be put up for tender on Tuesday for S$2,170 psf ppr.

The approved overall gross floor area of 16,694.23 sq m translates to a gross plot ratio of 3.388, which is higher than the 2014 Master Plan GPR of 3.0, hence no development charge is payable.

The 16-storey development includes a three-storey commercial podium, 44 residential apartments and 111 commercial units.

Located in the central region, Jalan Besar Plaza is well served by commercial offices in the city area, community facilities such as major shopping centres, popular eateries and the Singapore Sports Hub.

The tender will close on November 10.

Source: CNA/aj