The Singapore Land Authority (SLA) has awarded the first two sites for transitional office space this year.
One of the most keenly-watched sites was the former Home Affairs Ministry complex at Phoenix Park.
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The parcel was awarded to LHN Facilities Management, which will pay S$368,888 in rent per month. 11 bids were received for the Phoenix Park site, 10 of which were above the guide rent of S$165,000 per month.
The second site is the former Monk's Hill Secondary School at No. 10, Winsteadt Road in the Newton area.
It was awarded to Allbest Equipments for a rental of S$211,328 per month.
The plot received seven bids in total, all above the guide rent of S$147,300 per month.
The SLA is preparing to lease out two more sites for office use.
The first is a former police post at No. 1, Kelantan Road. It has a gross floor area of 177 square metres and is suitable for small start-ups.
The second site is the former Pacific Can Building at Cecil Street, which has a gross floor area of 1,810 square metres.
Leases for the two properties will end in June 2011.
Ku Swee Yong, director of Savills, said: "The site at Kelantan Road, it is very small, probably good for just one single user. So, we would be expecting probably quite many bids, maybe 20 bids. (For the site at) Kelantan, we would be expecting $4 to $5 per square foot per month. At Cecil Street, we would be looking at $6 to $8 per square foot per month bid price." - CNA/ir
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