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URA launches Beach Road commercial site for minimum bid price of S$1.138b
THE Urban Redevelopment Authority (URA) on Thursday released for tender a Beach Road commercial site, which includes a conserved building onsite, for sale at a minimum bid price of S$1.138 billion.
The 99-year lease site is located next to Shaw Tower. The site is intended for a predominantly office development with complementary uses such as residential, hotel and/or serviced apartments, the URA said in a release on Thursday. It comes under the H1 2017 government land sales (GLS) programme.
The site consists of a 21,026.9 sq m land lot and a subterranean stratum of 1,175 sq m. It includes a conserved building known as the former Beach Road police station.
The maximum permissible gross floor area is at 88,313 sq m, with office space taking up a minimum of 61,820 sq m.
URA had said on June 21 that a developer had applied for the site to be put up for public tender. The developer committed to bid at a price of not less than S$1.138 billion in the tender for the site.
The tender for the land parcel will close at 12 noon on Sept 28. Any tender below the minimum bid price of S$1.138 billion will not be considered.