FC Commercial Trustee Bagged Cecil Street / Telok Ayer Street Bid
The tender of the commercial site at Cecil Street/Telok Ayer Street has finally been awarded by the URA or Urban Redevelopment Authority to FC Commercial Trustee Pte Ltd (as Trustee-Manager of Aquamarine Star Trust). The bidding has attracted four tenderers. They are as follows:
- FC Commercial Trustee Pte. Ltd. – $923.95m
- EulandPte Ltd. – $777.77m
- Mapletree Trusted Pte. Ltd. (as Trustee of Marina Trust) – $748.35m
- AT Capital Holdings Pte. Ltd. – $707m
The commercial site was up for a sale on a 99-year lease term. The tender for the land parcel was first launched on the 18th of June this year, 2013 and was then closed the following month on the 15th of August 2013.
The site area is 7,603.2 m2 which includes a 1,612.4 m2 of open space. The Maximum Permissible GFA or Gross Floor Area is at 77.162 m2.This land parcel will give rise to a proposed development which is to be comprised of up to 50 storeys which will be prominently located on a strategic location in the southern gateway of Singapore’s Central Business District (CBD)
Adding to the abundance of new developments such as the upcoming TanjongPagar Centre and Tokio Marine Centre, this future development at Cecil Street/Telok Ayer Street will further contribute to the district’s progressive growth as one of the many businesses and financial hub within Singapore.
It’s accessibility to the entire island through major arterial roads and expressways make it more attractive to future businesses planning to establish in this new development.