URA rejects only bid for Mohamed Sultan Road transitional office site

The Urban Redevelopment Authority rejected the only bid for a transitional office site at Mohamed Sultan Road.

The offer price of about S$4.65 million for the site, or about S$502 per square metre of gross floor area, was considered too low.

The approximately 6,000 square metre land parcel was offered for sale on a 15-year lease.

Transitional office sites were released in response to the shortage of office space a year ago.

Analysts say this shortage has eased and that the Government should review the need for more of such sites.

Source : Channel NewsAsia – 21 Oct 2008

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