Singapore 9 June, 2020 - 101 Beach Road also known as “The 101” (101 号美芝路) located in the well-established commercial precinct of Bugis has come up for collective sale. Owners holding not less than 80 per cent by strata area and share values have agreed to put the property to market at a reserve price of $90 million. Cushman & Wakefield have been given the mandate to launch the property for sale by tender.
101 Beach Road sits on a corner land plot of 698.9 sq m (approximately 7,523 sq ft) at the junction of Beach Road and Liang Seah Street. It has a 999-year leasehold tenure effective from 25 January 1827. Currently, The 101 is a 6-storey mixed use development comprising of retail, office and residential units. It has an existing verified gross floor area of 3,515.89 sq m (equivalent to a gross plot ratio of 5.03).
The future new development will be well served by the Bugis MRT Interchange Station, which is just a stone’s throw away and will also be easily accessible via main arterial roads and expressways including East Coast Parkway (ECP), Kallang-Paya Lebar Expressway (KPE) and Marina Coastal Expressway (MCE).
With the landscape evolving in the Beach Road/Ophir-Rochor corridor, the location is fast becoming a new hotspot to ‘work-live-play’. This locale showcases a harmonious blend of a charming eclectic mix of conservation heritage shophouses surrounded by swanky skyscrapers. The up and coming new landmark, Guoco Midtown which is under construction now is directly opposite The 101. The revamp of Bugis Village and Bugis Street among others will also create much vibrancy and bring colourful nightlife into the area.
The URA in an Outline Application has provided two allowable development parameters for this site. 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). Based on the owners’ reserve price, the land rate works out to be $2,848 ppr with no development charge payable for the full commercial option and a land rate of $2,394psf ppr (including an estimated development charge of about $593,253) for the Commercial/Residential option, subject to a successful rezoning. The allowable building height for both options is up to a maximum of 6-storeys.
Ms Christina Sim (沈丽美), Director of Capital Markets at Cushman & Wakefield commented that “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.”
The tender for 101 Beach Road closes on Wednesday, 22 July 2020 at 3.00pm.