Anson Road site to be put up for tender
A PLUM commercial site in Tanjong Pagar is to be put on the market soon, after an unnamed developer said it would bid at least $172 million for it.
The 39,826 sq ft site at the junction of Anson Road and Enggor Street will be put up for tender in two weeks’ time, the Urban Redevelopment Authority (URA) said yesterday.
A 50-storey block of offices or shops can be built on the triangular plot, which has a total potential gross floor area of about 383,809 sq ft.
Keen interest is expected for the site, said property consultancy CB Richard Ellis (CBRE).
Mr Li Hiaw Ho, executive director of CBRE Research, said offers are likely to come in at double the $172 million initial bid, based on recent land sales and investment transactions.
The $172 million offer works out to $448 per sq ft per plot ratio (psf ppr), he said. But the site ‘is likely to be awarded at above $900 psf ppr’.
‘In view of the critical shortage of office supply, we would expect good interest in this site,’ Mr Li added.
The 99-year leasehold land parcel was put on the URA’s reserve list in March.
Under this system, the Government will put a site up for public tender if a developer agrees to bid for it at an acceptable minimum price.
Source : Straits Times - 15 May 2007
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