More State Properties For Office, Financial Use

Source : The Straits Times, Aug 3, 2007

In a move to increase the supply of office space, the Singapore Land Authority (SLA) has awarded more State properties for office and financial use.

The SLA awarded three State properties in July and opened two tenders last week. It is freeing up two more properties to be offered to the market in the coming months and is evaluating four tenders to meet the demand for office space, the SLA said on Friday.

'To-date, this would make the total estimated gross floor area (GFA) of 13 properties pushed out by SLA for only office use, since beginning of this year, about 90,000 square metres,' the SLA said.

The property at 3 Shan Road, also the former Moulmein CC, was awarded to Phillip Securities, which won the tender at a bid of $35,000 per month.

The first community centre to be adapted for office use, the site has a GFA of about 2,100 square metres. The tenancy for the site located just outside the Central Business District (CBD) is for three years and is renewable up to 2016.

Phillip Securities intend to set up an Investor Centre, offering a range of financial services, a cafeteria, seminar/meeting rooms and offices for its backend operations. It expects to commence operations by year end.

The former CPIB building at 150 Cantonment Road fetched a record number of bids for a SLA public tender with 15 bids submitted.

The site was awarded to Bravo Building Construction at the highest bid price of $91,731 per month. Sitting on the fringe of the CBD, the property has a land area of about 7,100 sq m and a GFA of about 4,500 sq m. There are plans 'to sublet units to companies providing products and services related to Integrated Resorts entertainment'. The tenancy is for three years and can be renewed till 2016.

The third property at 18 Pearl's Hill Terrace at the former CID Training Centre was awarded to Hean Nerng Warehousing. The company put in a bid of $5,300 per month for the site with 1,700 sq m of land area and GFA of about 790 sq m. The tenancy is up to December 2009.

Located at a hilltop and close to an MRT station, Hean Nerng said the property will have its units sublet to 'companies which wish to expand their businesses or services near the CBD, for their backroom processes'.

The SLA is also evaluating tenders for office space for the former Bukit Ho Swee CC, the former Pasir Panjang ITE, 10 Raeburn Park and the former police headquarters at 195 Pearl's Hill Terrace. Results are expected to be out next month.

The SLA has also freed up more State properties, offering them for office space tender. These include 169 Sims Avenue, the former Pei Chun Public School, both of which are open for tender, and the former ITE Balestier & Kim Keat Camp and the former Haig Boys' School. The SLA said the former Haig Boys' School may be given an additional GFA of 10,000 sq m for in-field development.