By Donavan Lim
The Urban Redevelopment Authority (URA) said in a press release that it had received an application from a developer to put up a Victoria Street / Jalan Sultan land parcel for sale by public tender.
The unnamed developer had committed to bid at a price of not less than $148,688,550 in the tender for the land parcel.
As the minimum price is acceptable to the government, the site will be released for sale by public tender.
The Victoria Street land parcel was made available for sale through the Reserve List system on 25 April 2007 and has a site area of about 0.84 ha and will have a maximum permissible gross floor area (GFA) of 30,977 sqm.
Under the tender conditions, the successful tenderer is given the option to develop the site for a hotel or commercial & residential development.
The land parcel is located in proximity to two Historic Districts of Singapore – the Kampong Glam Historic District and Little India Historic District.
In close proximity to the Lavender MRT Station, the site enjoys convenient access to all parts of the island including the shopping and entertainment precincts in Orchard Road and Bras Basah as well as Bugis area.
In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site. However, the identity of the applicant will not be released.
The URA says that the public tender for the site will be launched in about two weeks and the launch date will be confirmed later.
The tender period for the land parcel will be about eight weeks.