The Urban Redevelopment Authority has released a so-called ‘white site’ at Thomson Road/Irrawaddy Road in the Reserve List under the Government Land Sales Programme for the second half of 2011.
A ‘white site’ is an area that may be developed for a variety of uses, namely commercial, hotel or residential.
Developers who are interested in the land parcel can apply to the URA for it to be put up for tender.
Spanning some 0.7 hectares, the site will have a maximum permissible gross floor area (GFA) of just over 28,000 square metres.
URA said at least 30 per cent of the GFA must be allocated for hotel use.
The remaining GFA can be developed for residential, office, retail and other complimentary commercial uses.
The site is located near commercial developments like Velocity@Novena Square and medical facilities like Tan Tock Seng Hospital and Novena Medical Centre.
Property analysts expect keen competition for the site with developers placing bids of at least S$800 per square foot per plot ratio.
They said the plot will be particularly attractive to developers like UOL Group and Far East Organisation who already have a number of key projects in the Novena area.
UOL Group owns Novena Square and United Square, while Far East Organisation recently opened Oasia Hotel in the vicinity of the site.
Under the Reserve List system, a site will only be put up for tender if the developer’s minimum bid price is acceptable to the government.
Source : Channel NewsAsia – 30 2011