Freehold site in Jalan Besar for sale by expression of interest

Commercial site has indicative guide price of about S$13.5m or S$1,392 psf ppr, says marketing agent JLL

Tue, Apr 24, 2018

Stephanie Luo


A FREEHOLD commercial site at the former New World Amusement Park along Jalan Besar has been launched for sale via an expression of interest (EOI) exercise.

On Monday, marketing agent JLL said the indicative guide price of the site is about S$13.5 million, reflecting a unit land rate of S$1,392 per square feet per plot ratio (psf ppr).

No development charge is payable for the intensification of the site.

The site is situated between 251 Jalan Besar and 255 Jalan Besar, and occupies a total land area of about 3,230 sq ft.

Clemence Lee, JLL's associate director for capital markets, said that after factoring in the development cost, the blended break-even for the new development would be around S$1,925 psf.

"This compares favourably to the average price of between S$5,000 and S$5,500 psf achieved for the strata retail units and between S$2,400 and S$2,500 psf for the strata office units at the nearby Arc 380 and Centrum Square," he added.

Subject to approval from the relevant authorities, potential commercial uses for the new development include F&B services, office, co-working and retail.

JLL said that written permission has been obtained by the existing owner to develop the site to accommodate two four-storey units buildings with temporary eating house use on the ground floor and office use for the upper floors.

The approved gross floor area is 9,694 sq ft.

Foreigners are eligible to purchase the site. There is no additional buyer's stamp duty or seller's stamp duty imposed on the purchase of the property, JLL said.

The EOI exercise will close at 3pm on May 30.