Jalan Besar Plaza sale – third time lucky?

Jalan Besar Plaza’s owners are hoping it will be third time lucky as they put the mixed-use development up for public tender tomorrow.

Tenders will close on November 10, says the marketing agent, Huttons Asia.

The guide price for the freehold commercial and residential complex near Jalan Besar and Kitchener Road is S$390 million (US$285.9 million). This is higher than the $380 million reserve price in its second sale attempt in June last year, but identical to the guide price in its first attempt in November 2015.

With a site area of 53,043sqft (4928sqm), Jalan Besar Plaza has an approved gross floor area of 179,697sqft. No development charge is payable for the site, which houses a 16-storey building with a three-level commercial podium. It comprises 44 residential apartments and 111 commercial units.

Meanwhile, a smaller complex has also come up for tender, the Wai Wah Building on a 1221.5sqm freehold site in the heart of the Orchard Road shopping belt.

A four-storey building comprising two shops and six apartments, built in the 1980s, has an asking price of $81 million, with no development charge payable.

Agent Edmund Tie & Company says tenders will close on November 15.

The value of collective sales in Singapore has hit $5.8 billion across 16 deals so far this year – nearly six times the three deals worth $1 billion for the whole of last year.

Photo: Huttons Asia

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