The Urban Redevelopment Authority (URA) has launched a transitional office site at Mohamed Sultan Road for sale by public tender.
The site is one of three commercial parcels to be sold through the confirmed list under the Government Land Sales Programme for the second half of this year.
It has a land area of nearly 0.62 hectare and a maximum permissible gross floor area of about 9,200 square metres.
A low-rise development of about four storeys can be built on the site, which has a lease of 15 years.
Tender for the site will close at noon on October 14.
Consultant Knight Frank expects the bids to range between S$10 million and S$13 million. This translates to S$100-S$130 per square foot per plot ratio.
Rents in the Mohamed Sultan Road area are currently hovering between S$5 and S$7 per square foot.
Separately, two other parcels on the reserve list are expected to be put up for tender.
The URA said a developer has committed to bidding at least S$10.8 million for a land site at Kallang Pudding Road.
A developer has also agreed to offer at least S$21.6 million for another site at Ubi Avenue 4. – CNA /ls
Source : Channel NewsAsia – 19 Aug 2008