101 Beach Road up for en bloc sale for $90mil

Located at the junction of Beach Road as well as Liang Seah Street, the development – also known as “The 101” – comprises office, residential and retail units. Photo: Cushman and Wakefield.

101 Beach Road, a six-storey mixed-use development in Bugis, has been put up for collective sale carrying a reserve price of $90 million, revealed marketing agent Cushman & Wakefield.

This comes after not less than 80% of the development’s owners by strata area and share values have consented to the sale.

Located at the junction of Beach Road as well as Liang Seah Street, the development – also known as “The 101” – comprises office, residential and retail units. It occupies a 698.9 sq m (7,523 sq ft) site with a 999-year leasehold tenure.

The 101 has an existing verified gross floor area of 3,515.89 sq m, which is equivalent to a 5.03 gross plot ratio.

In an Outline Application, the site has been provided by the URA with two allowable development parameters.

“The first option, as per the Master Plan 2019 zoning, “Commercial” at Gross Plot Ratio of 4.2 (equivalent Gross Floor Area of 2,935.38 sq m) and a second option, “Commercial and Residential” at the current Gross Plot Ratio of 5.03 (equivalent Gross Floor Area of 3,515.89 sq m),” said Cushman & Wakefield.

For the full commercial option, the $90 million reserve price will work out to a land rate of $2,848 per plot ratio (ppr) with no development charge payable.

For the commercial and residential option, the reserve price will translate to a land rate of $2,394 psf ppr, inclusive of a development charge of around $593,253, and subject to a successful rezoning.

For both options, the allowable building height is up to six-storeys.

A stone’s throw away to the Bugis MRT Interchange Station, the new development will be accessible via main arterial roads as well as expressways such as East Coast Parkway, Kallang-Paya Lebar Expressway and Marina Coastal Expressway, said the marketing agent.

It will also be directly opposite the up and coming Guoco Midtown.

“Investor demand for such bite-sized assets in this vicinity has been on the rise. As this locality matures into a full-fledged work-live-play hub when all the residential and commercial projects are completed, asset prices are expected to rise. This is a great opportunity to acquire a prime property with the promise of growth,” said Christina Sim, Director of Capital Markets at Cushman & Wakefield.

The tender for 101 Beach Road closes on 22 July.

Source: 9 Jun 2020, CommercialGuru