The Urban Redevelopment Authority (URA) has launched a transitional office site at Mohamed Sultan Road for sale by public tender.
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The site is one of three commercial parcels to be sold through the confirmed list under the Government Land Sales Programme for the second half of this year. It has a land area of nearly 0.62 hectare and a maximum permissible gross floor area of about 9,200 square metres.
A low-rise development of about four storeys can be built on the site, which has a lease of 15 years.
Tender for the site will close at noon on October 14.
Consultant Knight Frank expects the bids to range between S$10 million and S$13 million. This translates to S$100-S$130 per square foot per plot ratio.
Rents in the Mohamed Sultan Road area are currently hovering between S$5 and S$7 per square foot.
Separately, two other parcels on the reserve list are expected to be put up for tender.
The URA said a developer has committed to bidding at least S$10.8 million for a land site at Kallang Pudding Road.
A developer has also agreed to offer at least S$21.6 million for another site at Ubi Avenue 4. - CNA /ls
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