Minimum bid price is $211.3m.
The Urban Redevelopment Authority (URA) has launched the White site at Thomson Road / Irrawaddy Road for sale by public tender today.
The land parcel was made available for sale through the Reserve List system on 30 November 2011. On 21 September 2012, URA announced that it had received an application from a developer to put up the site for tender. The developer has committed to bid at a price of not less than $211,300,000 for the land parcel in the public tender.
Details of the land parcel
The land parcel is located within an established commercial hub at Novena, at the fringe of the city centre. This area is home to many existing 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 all located within the vicinity.
With a site area of around 0.66 ha, the land parcel which is zoned White will have a maximum permissible gross floor area (GFA) of 28,043 m2. At least 30% of the maximum permissible GFA for the development is to be allocated for hotel use and the remaining GFA can be developed for residential, office, retail and other complementary commercial uses.
The tender for the site will close at 12 noon on 4 December 2012. Selection of the successful tenderer will be based on the tendered land price only. Any tender below the minimum bid price of $211,300,000 will not be considered.
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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