URA launches Tg Pagar white site for sale

The Urban Redevelopment Authority (URA) has launched a white site at Peck Seah Street and Choon Guan Street for sale by public tender.

The 1.5 hectare land parcel is being put up for sale under the Confirmed List in the second half of the Government Land Sales Programme.

The 99-year leasehold site is zoned for commercial, hotel and residential use, and is strategically located next to the Tanjong Pagar MRT Station.

The URA said at least 60 per cent of the maximum permissible gross floor area (GFA) has to be set aside for office use.

At least 10 per cent of the maximum permissible GFA is for hotel rooms and hotel-related uses. The remaining GFA can be used for any combination of commercial, hotel and residential purposes.

The maximum height of the new development is 280 metres above mean sea level and this means it will have panoramic views of the city skyline across the Central Business District to the Marina Bay area and the Chinatown Historical District.

CBRE Research executive director Li Hiaw Ho said that the site could “yield approximately 846,000 square foot of office space”.

“The predominantly office development is set to tower over the other developments in the vicinity. This would change the urban landscape of the Tanjong Pagar micro-market and hasten the pace of rejuvenation in this area,” added Mr Li.

He also said that “the successful tenderer for this site would be tempted to utilise the remaining 30 per cent of maximum GFA for residential use. The concept of inner-city living has been growing in popularity in the last five years”.

Meanwhile, head of research and consultancy at Chesterton Suntec International, Mr Colin Tan, said: “The only problem is building over an existing MRT track. Developer needs to be very careful and speed of construction may be slower. Development costs maybe higher as well.”

The tender will close at noon on Nov 16. Selection of the successful tenderer will be based on the tendered land price only.

Source : Today – 31 Jul 2010

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