UOB Kay Hian Trading has submitted the highest bid of $34 million in the Urban Redevelopment Authority’s (URA) tender for a transitional office site at Scotts Road.
The tender for the 93,461 sq ft plot of land closed yesterday. Offered on a short-term lease of 15 years, the site attracted seven other bidders. UOB Kay Hian’s bid was more than 16 per cent above the closest competing one from Sun Venture Investments.If UOB Kay Hian’s bid is successful, its average price of $242.50per sq ft per plot ratio will be the highest paid for a transitional office site since the introduction of the scheme by the URA last July, said Mr Nicholas Mak, director of consultancy and research at property firm Knight Frank.
Located next to Newton MRT station and close to the Central Business District, the site offers businesses a strategic location while allowing them to reduce their occupancy costs, he said.
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