Source : TODAY, Wednesday, September 26, 2007
The Urban Redevelopment Authority (URA) yesterday announced a reserved site at Jalan Sultan for commercial development is now opened for application.
The site, located within the gazetted Kampong Glam Conservation Area, has an area of 15,069 square feet and consists of 17 units of existing two-storey conservation buildings.
URA said the successful tenderer will be required to restore these shophouses according to guidelines for the historic district, and are most suitable for investors interested in developing the single land parcel into a hotel or office.
Knight Frank director Nicholas Mak estimated that the shophouses could fetch gross rental values within the range of $3 to $4 per square foot per month. He believes tender prices for the plot could range from $7 million to $10.2 million. — ESTHER FUNG
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