reporter2
22-09-12, 23:12
http://www.straitstimes.com/premium/money/story/novena-mixed-use-site-sale-after-211m-bid-20120922
Novena mixed-use site up for sale after $211m bid
Published on Sep 22, 2012
By Amanda Tan
A NOVENA site that could be used for homes, a hotel or commercial and medical facilities will go on sale after a bidder committed to offer at least $211.3 million.
The plot on the corner of Thomson and Irrawaddy roads is known as a white site, meaning it can accommodate a variety of functions.
In this case, the Novena land, which has a maximum permissible gross floor area of 28,043 sq m, must have at least 30 per cent allocated for a hotel.
The rest can be for residential, office or retail and complementary commercial uses, according to an Urban Redevelopment Authority announcement yesterday. The tender will be launched in about two weeks' time.
The site is in Novena's commercial hub and near malls like Velocity @ Novena Square, United Square and Square 2.
Tan Tock Seng Hospital, Novena Medical Centre, National Skin Centre, National Neuroscience Institute and Mount Elizabeth Novena Hospital are all in the vicinity.
Mr Nicholas Mak, SLP International's head of research, noted that the plot is one of the smaller commercial/white sites in the Government Land Sales (GLS) programme.
Development options include a hotel with at least 150 rooms and commercial space, he said.
The proximity to hospitals means that tourists here for medical reasons can be expected to visit the area.
Mr Mak pointed out that the development, if it includes homes, could attract families as it is close to several popular schools such as Anglo-Chinese School (Primary).
He expects the site to attract six to 10 bids, fetching a winning bid of between $272 million and $296 million, or $900 to $980 per sq ft per plot ratio.
Mr Lee Sze Teck, Dennis Wee Group's senior manager of training, research and consultancy, pointed out that the developer must make provisions for an underground link to Novena MRT station. He added that the Novena area can still accommodate another mall as the existing ones are not very big and serve a niche clientele.
United Square, for instance, has many child-related businesses, including enrichment centres.
Interest for projects in the core central region - where this site is - is picking up, Mr Lee said, so the sale of homes there should do well if current trends continue.
This site is on the reserve list of the GLS programme, hence it can be put on sale only if a developer makes a minimum acceptable bid to the Government.
[email protected]
Novena mixed-use site up for sale after $211m bid
Published on Sep 22, 2012
By Amanda Tan
A NOVENA site that could be used for homes, a hotel or commercial and medical facilities will go on sale after a bidder committed to offer at least $211.3 million.
The plot on the corner of Thomson and Irrawaddy roads is known as a white site, meaning it can accommodate a variety of functions.
In this case, the Novena land, which has a maximum permissible gross floor area of 28,043 sq m, must have at least 30 per cent allocated for a hotel.
The rest can be for residential, office or retail and complementary commercial uses, according to an Urban Redevelopment Authority announcement yesterday. The tender will be launched in about two weeks' time.
The site is in Novena's commercial hub and near malls like Velocity @ Novena Square, United Square and Square 2.
Tan Tock Seng Hospital, Novena Medical Centre, National Skin Centre, National Neuroscience Institute and Mount Elizabeth Novena Hospital are all in the vicinity.
Mr Nicholas Mak, SLP International's head of research, noted that the plot is one of the smaller commercial/white sites in the Government Land Sales (GLS) programme.
Development options include a hotel with at least 150 rooms and commercial space, he said.
The proximity to hospitals means that tourists here for medical reasons can be expected to visit the area.
Mr Mak pointed out that the development, if it includes homes, could attract families as it is close to several popular schools such as Anglo-Chinese School (Primary).
He expects the site to attract six to 10 bids, fetching a winning bid of between $272 million and $296 million, or $900 to $980 per sq ft per plot ratio.
Mr Lee Sze Teck, Dennis Wee Group's senior manager of training, research and consultancy, pointed out that the developer must make provisions for an underground link to Novena MRT station. He added that the Novena area can still accommodate another mall as the existing ones are not very big and serve a niche clientele.
United Square, for instance, has many child-related businesses, including enrichment centres.
Interest for projects in the core central region - where this site is - is picking up, Mr Lee said, so the sale of homes there should do well if current trends continue.
This site is on the reserve list of the GLS programme, hence it can be put on sale only if a developer makes a minimum acceptable bid to the Government.
[email protected]