http://www.todayonline.com/Business/...sale-by-tender
Thomson Road white site for sale by tender
04:45 AM Oct 05, 2012
SINGAPORE - The Urban Redevelopment Authority yesterday launched a white site at Thomson Road/Irrawaddy Road for sale by public tender after a developer committed to bid at least S$211.3 million for the 99-year leasehold land parcel.
The site, made available for sale through the Reserve List of the Government Land Sales programme on Nov 30 last year, has an area of about 71,868 sq ft and a plot ratio of 4.2.
At least 30 per cent of the maximum permissible gross floor area of about 301,847 sq ft has to be allocated for hotel use. The remainder can be developed for residential, office, retail and other complementary commercial uses.
Located within an established commercial hub at Novena, the site is near many existing commercial developments, such as Velocity, 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 in the vicinity.
Mr Nicholas Mak, Executive Director of Research and Consultancy at SLP International Property Consultants, had said earlier that the future hotel in this development would benefit from medical tourism.
He said: "This site can be expected to fetch a winning bid of about S$272 million to S$296 million, or S$900 to S$980 psf ppr, in today's market. This is one of the smaller commercial white sites in the current GLS programme.
"As the total land price is less than S$500 million, this tender could attract both large and medium-sized developers. Thus, it could attract about six to 10 bids."
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Originally Posted by kane
