By Mok Fei Fei | Posted: 21 April 2010 1203 hrs
SINGAPORE: The Urban Redevelopment Authority (URA) is launching a closely-watched commercial site at Stamford Road and North Bridge Road for sale by public tender.
The URA is launching the sale after a developer committed to bid at least S$100 million dollars for the 99-year-leasehold site, which was placed on the Reserve List system.
URA says the land parcel, which is 1.43 hectares in size, is slated for commercial use with a hotel component.
It contains a cluster of three historically and architecturally significant buildings, namely Capitol Theatre, Capitol Building and Stamford House.
As part of the redevelopment, those buildings must be retained and restored for adaptive reuse.
The site will be sold together with a subterranean parcel below North Bridge Road that provides seamless access to the City Hall MRT station.
The maximum permissible gross floor area for the development is close to 50,500 square metres.
Of that space, a minimum of 25 per cent is to be set aside for hotel use.
The land parcel is envisaged to also feature other uses like retail, food and beverage, art and entertainment facilities.
The tender will close on 18th August. - CNA/fa
URA says the land parcel, which is 1.43 hectares in size, is slated for commercial use with a hotel component - Image from URA
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