URA puts up Ophir-Rochor Road for sale by public tender

URA puts up Ophir-Rochor Road for sale by public tender

 

SINGAPORE: The Urban Redevelopment Authority (URA) has launched a white site for sale in the Ophir Rochor corridor.

 

The announcement did not come as a surprise, as the government had already indicated it will be sold under the confirmed list of the land sales programme.

 

The 2.7 hectare site is expected to be a mixed use cluster, acting as a connector between the existing financial district and the historical centres of Kampong Glam and Beach road.

 

The site has a gross permissible floor area of 160,000 square metres.

 

The winning bidder has to set aside 40 per cent of the site for office use, with at least another 15 per cent for hotel related activities.

 

In the future, the site will also have direct basement access to the new East-West rail line, through the upcoming Bugis Interchange MRT station.

 

Analysts are expecting a land cost of up to 1.5 billion Singapore dollars, translating to between 850 Singapore dollars and 900 Singapore dollars per square foot of gross floor area.

 

Rents in the area are expected to be between 8 Singapore dollars and 10 Singapore dollars per square foot.

 

The URA has said it will continue to release more land in the Ophir Rochor area over the next five to 10 years in tandem with market demand. – CNA/vm

 

Source: Channel NewsAsia

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