Yahoo Finance URA to launch Beach Road site
Updated, June 22, 2017, 10:58 a.m., reworded.
The Urban Redevelopment Authority has accepted an application from a developer to put a commercial site at Beach Road (below) up for sale by public tender. According to URA, the site will be launched for sale by tender in about two weeks time.
URA says the developer has committed to bid at a price of not less than $1.138 billion in the tender for the two hectare land parcel. The plot, with a land lease of 99 years, includes the conserved building known as the former Beach Road Police Station. The site will have a maximum permissible gross floor area of 88,313 sq m (950,600 sq ft), of which at least 61,820 sq m (665,430 sq ft) is for office use. The land parcel was first made available for sale on the Reserve List in November 2014, says URA.
“The triggering of this site comes in tandem with positive investment sentiments in the office property market and also at a time when office rents appear to be firming after two years of decline,” says Ong Teck Hui, National Director, Research & Consultancy with JLL.
Source: URA
"The development of the subject site augurs well for the office market as it will increase the supply of quality office space in the CBD fringe that is more affordable than those in prime CBD," adds Ong.
Apart from any gross floor area (GFA) for hotel, serviced apartments and/or residential use, the rest of the GFA in the development is to be contained in not more than three strata lots, of which one will hold the whole conserved building, says URA.
Related Articles From TheEdgeProperty.com.sg
