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A Second prime plot at Marina View with a price tag expected to exceed $1 billion was launched for sale yesterday in a move to help meet the demand for office space.

The 0.9ha site is adjacent to another plot that was launched for sale in late May. Both sites are behind the One Shenton condominium and Shenton House, and both are expected to attract major property developers and funds.

Knight Frank’s Mr Nicholas Mak expects the new site to fetch bids of $1.1 billion to $1.3 billion or $900 per sq ft to $1,060 per sq ft of potential gross floor area.

Both plots are ‘white sites’, meaning they can be used for a variety of uses, although the Urban Redevelopment Authority (URA) can impose conditions.

In this case, the URA said the new 0.9ha site can yield a gross floor area of 113,580 sq m but at least 60 per cent must be earmarked for office. And at least 25 per cent has to be set aside for hotel use. This area could yield about 550 rooms. The rest may be used for residential and other commercial uses such as retail.

The site will be connected to nearby projects such as One Raffles Quay, Marina Bay Financial Centre and One Shenton through a network of covered and underground walkways and second-storey links. Its tender closes on Nov 13.

Separately, industrial landlord JTC Corporation said it saw strong demand for its ready-built factory space in the second quarter. Net allocation for ready-built facilities - which include factories, warehouses and technopreneur space - reached 58,200 sq m, up from 6,700 sq m in the first quarter. This helped raise the occupancy of such facilities by 1 per cent to 89 per cent.

But demand for prepared industrial land - which allows tenants to build their own facilities - fell from a high of 95.7ha in the first quarter to 64.4ha in the second quarter.

Source : Straits Times - 1 Aug 2007