Mixed-use development Beauty World Plaza is up for sale at S$165 million, or S$2,231 per square foot of gross floor area, said real estate advisory firm ETC on Tuesday (Oct 13).

The eight-storey property stands on a 24,817 square foot site, with commercial shops on the first three floors, residential flats above and an open terrace on the fourth floor.

The 999-year leasehold development site is zoned for commercial and residential use, and has a gross plot ratio of 3.0 under the Urban Redevelopment Authority Master Plan 2025.

Preliminary approval has been granted for serviced apartments to be developed in the residential component of the development, which could accommodate about 108 keys, based on minimum unit size of 35 square metres, said ETC.

“Beyond a conventional redevelopment play, the buyer can also consider asset enhancement for the existing development,” said Swee Shou Fern, head of investment advisory at ETC.

“The property’s proximity to educational institutions enhances its potential for hospitality, serviced apartment, co-living and other accommodation concepts catering to academia.”

ETC, the sole marketing agent, is conducting the sale through a public tender exercise, which closes at 3 pm on Nov 19.