The Urban Redevelopment Authority has released a white site at Marina View for sale by tender.
This is the second white site in the area that has been put up for sale. It was placed in the Confirmed List of the Government Land Sales Programme for the second half of 2007.
The 99-year leasehold site has an area of 0.9 hectare and a gross plot ratio of 13.
Property consultant Knight Frank expects the land parcel to fetch around $1.2 billion, with the cost per square foot per plot ratio at between $900 and $1,060.
It says four to eight bids from major developers and investment funds can be expected, attributing robust interest to the site's proximity to the commercial district and demand for prime office space.
It can yield a maximum permissible gross floor area of 113,580 square metres.
At least 60 percent of that must be set aside for office use and 25% for hotel use. That will give some 550 hotel rooms.
The remaining 15 percent can be spread over hotels or offices, or be used for commercial purposes like retail or entertainment outlets.
The site is situated next to the Central Business District at Raffles Place, and close to One Raffles Quay and the upcoming Marina Bay Financial Centre.
The tender closes at noon on November 13. - CNA /Is
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