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The Urban Redevelopment Authority (URA) is putting up two more transitional office sites for sale to help meet the demand for office space in the short to medium term. The two new sites are at Mountbatten Road and the junction of Aljunied Road and Geylang East Avenue 1.
The Mountbatten Road site has an area of over 2 hectares. It can yield a maximum gross floor area of 20,000 square metres.
It is located next to the future Mountbatten MRT Station along the Circle Line, which is expected to be ready by 2010.
The Aljunied Road site spans about 1.9 hectares and has a maximum permissible gross floor area of 19,000 square metres.
Both sites will be sold on short-term leases of 15 years.
The office buildings on these sites are expected to be low-rise developments of about three storeys, which can be built quickly.
CB Richard Ellis expects keen interest in the Aljunied Road parcel due to its proximity to an existing MRT station and offices in the Paya Lebar micro-market.
Knight Frank predicts that the Mountbatten Road site will fetch up to S$130 per square foot per plot ratio or about S$28 million.
It expects the Aljunied Road site to sell for up to S$160 per square foot per plot ratio or about S$32.5 million. - CNA/so
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