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THE Urban Redevelopment Authority (URA) has accepted an application from a developer to put up a commercial site at Beach Road for sale by public tender and will launch the tender in about two weeks.
Announcing this on Wednesday, URA said the land parcel was first made available for sale on the Reserve List in November 2014.
URA received an application from a developer for the site, a land area of about two hectares. The developer committed to bid at a price of not less than S$1.138 billion 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 by public tender, URA said in its press release.
In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site, but the identity of the applicant will not be released, it said.
The tender period for the land parcel will be about 12 weeks.
The plot, with a land lease of 99 years, includes the conserved building known as the former Beach Road Police Station. It will have a maximum permissible gross floor area of 88,313 square metres, of which at least 61,820 sq m is for office use.
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, URA said.
More details on the land parcel are available on the URA website at http://www.ura.gov.sg/uol/land-sales-repository/sites-available/beach-rd-ma.aspx