SINGAPORE - The Urban Redevelopment Authority (URA) has accepted an application from a developer to put up the White site at Thomson Road / Irrawaddy Road for sale by public tender.
The developer has committed to bid at a price of not less than $211,300,000 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 via public tender.
The land parcel is located within an established commercial hub at Novena and is near to existing commercial developments, such as Velocity @ Novena Square, United Square and Square 2.
It has a site area of 6,676.8 sq m and is zoned for White Site development. It will have a maximum permissible gross floor area (GFA) of 28,043 sq m.
At least 30 per cent of the maximum permissible GFA is to be allocated for hotel use. The remaining GFA can be developed for residential, office, retail and other complementary commercial uses.
In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site. However, the identity of the applicant will not be released.
URA will launch the public tender for the site in about two weeks. The launch date will be announced later. The tender period for the land parcel will be about eight weeks.
The land parcel was made available for sale through the Reserve List system on 30 November 2011.