URA to launch tender for site at Prince Charles Crescent

Posted on 30 Jul 2012 | Comments Off on URA to launch tender for site at Prince Charles Crescent

The Urban Redevelopment Authority (URA) announced today that it has accepted an application from a developer to put up the residential site at Prince Charles Crescent for sale by public tender.

The land parcel was made available for sale through the Reserve List system on 15 May 2012. URA received an application from a developer for the site to be put up for public tender. The developer committed to bid at a price of not less than $390,000,000 in the tender for the land parcel. As the minimum price committed by the developer is acceptable to the Government, the site will be released for sale by public tender.

In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site. However, the identity of the applicant will not be released. URA will launch the public tender for the site in about two weeks. The launch date will be announced later. The tender period for the land parcel will be about five weeks.

With a site area of about 2.38 ha, the residential site will have a maximum permissible gross floor area (GFA) of 49,950 sqm.

The land parcel is located in an established residential area within the central region. It is located near Redhill MRT station and is also a short drive away from the Central Business District, Marina Bay and Orchard Road.

Source URA 2012 Jul 30

 

 

 

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OUE plans to invest in 2 retail malls in CBD

Posted on 30 Jul 2012 | Comments Off on OUE plans to invest in 2 retail malls in CBD

Developer Overseas Union Enterprise (OUE) is set to invest in excess of S$140 million on two retail mall projects in the central business district.

Among the plans, OUE will be developing a five-storey retail mall at the existing DBS Building at Shenton Way, according to a source close to the matter.

Built in 1975, DBS Building at Shenton Way will soon be home to a new shopping mall, spanning some 170,000 square feet.

According to a source familiar with the plans, OUE is expected to spend over S$100 million to build the new mall.

It is slated to open in mid-2014, and the mall will offer retail and F&B options as well as a supermarket.

Analysts said a retail development will support an increasing residential population in the downtown area.

Donald Han, special advisor, HSR, said: “On the size of 170,000 (square feet) you would probably expect rents on average of about S$13 – 16 per square foot. Because this is still a new market place, it certainly has more upturn, upside in the next two to three years especially when most of the residential and hotel components are fully in place.”

OUE acquired DBS Building in 2010 for about S$871 million. The podium level will be converted to a shopping mall, but it appears that the developer is keeping the two office towers and it is currently looking for tenants.

Existing anchor tenant DBS Bank is expected to move out of both office towers by year-end.

And it is likely that OUE could see some rental upside when it leases the office space to new tenants.

Apart from the developments along Shenton Way, Channel NewsAsia understands that OUE will also refurbish the shopping mall at One Raffles Place.

Renovation work could start at the end of the year and it is expected to cost over S$40 million.

Source : Channel NewsAsia – 30 Jul 2012

 

 

 

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Posted in Developers, Office / Retail / Industrial

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