URA To Market Ophir-Rochor Site At Global Property Fair

Source : The Straits Times, Mar 11, 2008

SINGAPORE’S urban planner is going international to market the Ophir-Rochor district - touted as the nation’s next development hot spot.

The Urban Redevelopment Authority (URA) said yesterday that it will market a major site in this ‘new growth area’ at a renowned annual global property event in Cannes, from today till Friday. The 2.74ha site for office, hotel and other uses could fetch up to $1.4 billion, a property analyst estimates.

A URA-led team of local agencies and companies such as the Housing Board, Singapore Tourism Board and property developer City Developments (CDL) will exhibit and showcase property investment opportunities at the fair - the Marche International des Professionnels de L’Immobilier.

The Government last year unveiled plans to rejuvenate the hotchpotch Ophir-Rochor area with its mix of commercial buildings and old shophouses.

This is part of a masterplan to double the size of Singapore’s financial district to that of Hong Kong at about 2.82 million sq m of office space, National Development Minister Mah Bow Tan said in Parliament last month.

The Ophir-Rochor corridor will complement the financial district at Marina Bay and Raffles Place, surrounded by a vibrant arts and entertainment scene, said the URA.

The site, between Rochor and Ophir roads and surrounding Parkview Square, will go on sale in June, and is expected to yield 495 hotel rooms and 139,740 sq m of commercial space.

The URA said the site will have a minimum requirement for office and hotel use, and is the second to be released in the district.

Last September, a CDL-led consortium that included Middle East investors won the tender for a 3.5ha site at $1.689 billion to build an eco-friendly mixed-use project - South Beach - designed by world- renowned British architect Norman Foster and his partners.

Property analysts say the upcoming site is likely to garner international interest.

Savills Singapore’s director, Mr Ku Swee Yong, said the site is the ‘best piece this year’ - likely to get at least five bids. He estimates the land cost, based on certain assumptions, to be up to $1.4 billion, or $700 to $800 per sq ft per plot ratio.

Chesterton International head of research and consultancy Colin Tan said the property fair will keep Singapore’s property scene on the global radar, but he expressed concerns about big projects adding to the current strain on resources.

The URA has been participating in the French fair since 2002. It is one of the world’s largest real estate exhibitions, attracting about 26,000 delegates from 74 countries each year.