SINGAPORE: The Urban Redevelopment Authority (URA) has put up a white site at Thomson Road/Irrawaddy Road for sale via public tender.
According to URA, a developer has committed to bid at a price of not less than S$211.3 million for the land parcel, which the government has agreed to, hence triggering the sale process.
The site was made available for sale through the Reserve List system on 30 November 2011.
With a site area of about 0.66 hectares, the white site will have a maximum permissible Gross Floor Area (GFA) of 28,043 square metres, with at least 30 per cent of it allocated for hotel use.
The remaining GFA can be developed for residential, office, retail and other commercial uses.
A white site is a site in which a variety of uses are allowed, whereby a developer will posess the flexibility to decide on the mix of uses and respective amount of floor space dedicated for each use, as long as the total allowed GFA for the entire development is not exceeded.
URA will launch the public tender for the site in about two weeks and the tender period for the land parcel will last for about eight weeks.
Property consultants expect the land parcel to receive keen interest from developers as it is located near several commercial developments such as Velocity @ Novena Square, United Square and Square 2.
The Novena area is also a well-known medical hub with Tan Tock Seng Hospital, Novena Medical Centre, National Skin Centre, National Neuroscience Institute and Mount Elizabeth Novena Hospital located in the vicinity.
Property consultancy SLP International said the future development could possibly consist of a hotel with at least 150 rooms and commercial space.
It expects the site to fetch a winning bid of about S$272 million to S$296 million which translates to S$900 to S$980 per square foot per plot ratio.
As the total land price is less than S$500 million, SLP International believed this tender could attract about six to 10 bids from large and medium-size developers.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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