New World Amusement Park was a once famous venue that entertained night crowds from the 1920s to 1960s. (Photo: JLL)
A freehold commercial site along Jalan Besar Road with a long and rich history has been put up for sale via an expression of interest (EOI) at a guide price of $13.5 million.
Marketing agent JLL said the 3,230 sq ft plot is situated at the entrance to the former New World Amusement Park. Opened in 1923, the once famous venue entertained night crowds with its cabarets, circus acts and open-air cinemas. But after the 1960s, the venue went into decline due to the emergence of other entertainment options like discos, malls and television.
In 1987, Shaw Organisation sold the amusement park to City Developments Limited. The site was subsequently redeveloped into the eight-storey City Square Mall and the 910-unit City Square Residences condo. Completed in 2009, the project includes a public park that features the original gate to the defunct amusement park.
JLL revealed that the price translates to a land rate of about $1,392 psf per plot ratio. No development charge is payable.
Located close to the Lavender, Bendemeer and Farrer Park MRT stations, the site has a gross plot ratio of 3.0. It also enjoys a 10m wide main road frontage.
Subject to approval, the site can be used for F&B, office, co-working and retail purposes, among other uses.
“After factoring in the development cost, the breakeven for the new development would be in the region of $1,925 psf. This compares favourably to the average price of $5,000 to $5,500 psf achieved for the strata retail units and $2,400 to $2,500 psf for the strata office units at the nearby Arc 380 and Centrum Square,” noted Clemence Lee, JLL’s associate director for capital markets.
There is no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty, and foreigners are allowed to purchase the site.
The EOI exercise will close on 30 May.
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