URA launches Mohamed Sultan Rd office site for public tender

The Urban Redevelopment Authority (URA) has launched a transitional office site located at Mohamed Sultan Road for sale through public tender.

The site, with a lease period of 15 years, has a maximum permissible gross floor area of around 9,200 sq m and a land area of around 0.62 hectares.

It is being offered at a minimum price of $9.33 million.

The parcel of land has been put up for sale through the Reserve List System since October 2008. In the system, a site would be launched for sale only if a developer submits a bid with an acceptable minimum price.

According to URA, it had already accepted an application from a developer to launch the site for sale.

In October 2008, URA rejected a sole bid for the site at Mohamed Sultan Road because the price offered was way below the acceptable minimum price. Back then, RSP Architects Planners & Engineers submitted a bid of $4.65 million.

Subsequently, the site was included on the Reserve List. The current tender for the site will be closed on March 18.