by Donavan Lim
The Urban Redevelopment Authority (URA) Thursday launched a mixed-use site at Victoria Street / Jalan Sultan for sale by tender today
Located in proximity to two historic districts, namely the Kampong Glam and Little India, with Lavender MRT Station nearby, the land parcel enjoys easy access to all parts of the island including the shopping and entertainment precincts in Orchard Road and Bras Basah and Bugis area.
The land parcel has a site area of about 0.84 ha and a maximum permissible gross floor area (GFA) of 30,977 sqm. It could be developed into a hotel or a commercial and residential development with minimum hotel component.
Earlier on August 1, URA had received an application from a developer to put up the land parcel for tender. The developer has committed to bid at a price of not less than $148,688,550 for the land parcel.
The land parcel was made available for sale through the Reserve List system on 25 April 2007.
The tender for the site will close at 12 noon on 11 October 2012.
Selection of the successful tenderer will be based on the tendered land price only, URA said.