The Urban Redevelopment Authority (URA) launched a 0.8-hectare commercial site at Cecil Street/Telok Ayer Street for public tender on Tuesday.
URA had earlier received a commitment from a developer to bid at least S$623.73 million for the site.
Under the Reserve List system, the site will be put up for sale by public tender as the minimum price committed by the developer is acceptable to the government.
The site was made available for sale through the Reserve List system on 19 December 2012.
The land parcel, which will be directly connected to Tanjong Pagar MRT station, is located near the south of the central business district.
With a potential gross floor area (GFA) of 77,000 square metres, the proposed commercial development can be built up to 50 storeys high.
URA said part of the site will be set aside for open space, and form part of a green network that extends through Tanjong Pagar Park and Duxton Plain Park to Pearl’s Hill Park.
URA said the 99-year leasehold land parcel is envisaged to be “a high-quality office development that can meet the needs of business services and financial institutions, and contribute towards strengthening the area as an attractive business and financial hub.”
The tender for the site will close at 12 noon on 15 August 2013.
Source : Channel NewsAsia – 18 June 2013