Beauty World site expected to rejuvenate the region

  • A newly launched 99-year leasehold site in the neighbourhood of Beauty World MRT has many strong characteristics, claim property consultants. However, the economic slowdown due to covid-19, the potential uncertainty and requirement of a larger investment can cause the prospects to think twice before investing, added the property consultants.
  • A clearer notice is that the general sentiment for business will improve when the 3.22-hectare Urban Redevelopment Authority (URA) tender closes in nine months, 30 March 2021, for its 3.22-hectare lot. Because of the significant outlay of investment and the risk management in this project, developers will form the site’s bid regulatory bodies.
  • The site is intended as a historic residential and commercial development for the rejuvenation of the region of Beauty World.
  • URA has stated that bidders must submit their conceptual and pricing proposals separately.
  • The project designs would first be evaluated against a set of requirements broadly across the following three categories: design quality, quality of actual publicity and production and design team track record.
  • The site is designed to cover 96,551 sq. metres (sq. m.) or nearly 1.04 million sq. feet (sq. ft.) of maximum gross floor area (GFA). At least five thousand sq. m. is for an intersection with buses. 20,000 sq. m. GFA will be used for commercial purposes.
  • The remaining GFA will be used for residential use. It will mostly comprise of private apartments, serviced flats or both.
  • From the 20,000 sq. m. GFA allotted for commercial use only 7,500 sq. m. can be used for shops and restaurants including their use in bus interchange and any other refreshment area. The rest of the area can used for offices, commercial schools, medical clinic, gym and other recreational or entertainment activities solely based on the permission granted from authorities.
  • The cost of designing and building the bus interchange will be reimbursed to the successful bidder by the Land Transport Authority.
  • As the project is expected to be launched in 2022, experts predict it to be one of the most in demand project that time if the pricing is reasonable.
  • The sites main attraction is its closeness from top primary schools such as Methodists’ Girls School (Primary) and Pei Hwa Presbyterian Primary School at a distance of 1 km.

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