Commercial site at Cecil Street-Telok Ayer Street attracts four bids

A commercial site at Cecil Street/Telok Ayer Street has attracted four bids at the close of its tender on Thursday.

The top bid was submitted by Frasers Centrepoint through FC Commercial Trustee Pte Ltd for S$923.95 million. This works out to about S$1,111 per square foot per plot ratio. The lowest bid came in at S$707 million from AT Capital Holdings.

Analysts expect the break-even for this site to be in the region of S$1,800 to S$1,900 per square foot.

The Urban Redevelopment Authority (URA) launched the 99-year leasehold site for public tender on June 18. It has a land area of around 7,600 square metres (sqm) and includes an open space of about 1,600 sqm.

Frasers Centrepoint said in a statement that it plans to build a high-rise premium Grade A office building with the latest office features.

CBRE Research, Associate Director, Desmond Sim said that “the top bidder can ride on the possible upswing in office rents in the next few years.”

URA said the award of the tender will be announced at a later date.

Source : Channel NewsAsia – 15 Aug 2013

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