dtrax
21-09-12, 16:49
The Urban Redevelopment Authority (URA) announced today that it has accepted an application from a developer to put up the White site at Thomson Road / Irrawaddy Road for sale by public tender.
The land parcel was made available for sale through the Reserve List system on 30 November 2011. URA has received an application from a developer for the site to be put up for public tender. The developer has committed to bid at a price of not less than $211,300,000 in the tender for the land parcel. As the minimum price committed by the developer is acceptable to the Government, the site will be released for sale via public tender.
The land parcel is located within an established commercial hub at Novena, at the fringe of the city centre. This area is home to many existing commercial developments, such as Velocity @ Novena Square, United Square and Square 2. The Novena area is also a well-known medical hub, with Tan Tock Seng Hospital, Novena Medical Centre, National Skin Centre, National Neuroscience Institute and Mount Elizabeth Novena Hospital all located within the vicinity.
With a site area of around 0.66 ha, the land parcel which is zoned White will have a maximum permissible gross floor area (GFA) of 28,043 m2. At least 30% of the maximum permissible GFA for the development is to be allocated for hotel use and the remaining GFA can be developed for residential, office, retail and other complementary commercial uses.
The land parcel was made available for sale through the Reserve List system on 30 November 2011. URA has received an application from a developer for the site to be put up for public tender. The developer has committed to bid at a price of not less than $211,300,000 in the tender for the land parcel. As the minimum price committed by the developer is acceptable to the Government, the site will be released for sale via public tender.
The land parcel is located within an established commercial hub at Novena, at the fringe of the city centre. This area is home to many existing commercial developments, such as Velocity @ Novena Square, United Square and Square 2. The Novena area is also a well-known medical hub, with Tan Tock Seng Hospital, Novena Medical Centre, National Skin Centre, National Neuroscience Institute and Mount Elizabeth Novena Hospital all located within the vicinity.
With a site area of around 0.66 ha, the land parcel which is zoned White will have a maximum permissible gross floor area (GFA) of 28,043 m2. At least 30% of the maximum permissible GFA for the development is to be allocated for hotel use and the remaining GFA can be developed for residential, office, retail and other complementary commercial uses.