A commercial site located at the intersection of Beach Road and Rochor Road has attracted a top bid of $1.6 billion in a tender exercise that closed on Thursday (28 Sept), the Urban Redevelopment Authority (URA) announced.
GLL Prosper and GLL Thrive, units of GuocoLand, placed a $1.22 billion bid for the 2ha site on which sits the former Beach Road Police Station. This works out to about $1,706 psf per plot ratio with a permissible gross floor area of 950,593 sq ft, 70% of which will have to be for office use.
The winning bidder will have to plan for the old Beach Road Police Station building to be restored and conserved as well as build an underground pedestrian link between the site and Bugis MRT station.
The Beach Road site was on the reserve list of the Government Land Sales program earlier this year but a developer committed to a minimum bid of $1.138 billion in July and the plot of land was subsequently placed for tender.
There were a total of 5 bids for the site and even the lowest of $1.295 billion by Far East Organization was higher than the trigger price, a sign of positivity among developers and possible revival of the office rental market.
Read more at the Straits Times website
Related news published earlier on Aiden Real Estate: