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