'White' site near Novena set for sale

A PRIME "white" site at Thomson Road/Irrawaddy Road has been triggered for sale by public tender after a developer offered a bid of at least $211.3 million, or $700 per square foot per plot ratio (psf ppr).

It is classified as a "white" site, which means it can be put to commercial, residential or hotel use. But the Urban Redevelopment Authority (URA) requires that a minimum 30 per cent of maximum permissible gross floor area (GFA) be set aside for hotel use.

It has a plot area of 0.66 ha, which translates to a maximum permissible GFA of 301,852 sq ft.

Analysts expect keen interest in the site given the location's proximity to Novena MRT Station and several medical centres, including Tan Tock Seng Hospital, Novena Medical Centre and Mount Elizabeth Novena Hospital.

The site is surrounded by many existing commercial developments, such as Velocity @ Novena Square, United Square and Square 2.

Given the site's flexibility in development options, analysts are uncertain about the exact nature projects will take but expect a combination of serviced apartments, hotel, and retail to cater to the various medical facilities in the vicinity.

URA will launch the public tender for site in about two weeks and the tender period will subsequently be for eight weeks.

Source: Business Times – 22 September 2012