Thomson Road / Irrawaddy Road, a white site put under the Urban Redevelopment Authorty (URA) Reserve List system on November 30, 2011. This site was then launched to be for sale following the application of an interested developer who committed to not less than $211.3 million for the site on September 21, 2012.
The land parcel has a site area of 6,676.8 square meters, and is a white site, which means that it can be developed into a hotel with a residential space, office, retail, and other commercial units. This was launched for sale through public tender for two months, beginning from October 4 until December 4, 2012. The successful tenderer, as awarded in December 7, 2012 was Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd, and Hoi Hup J.V. Development Pte Ltd, who had a tendered sale price of $492.5 million or $17,562.32 per square meter of gross floor area. The second highest bid came from Swift One Pte Ltd, Swift Two Pte Ltd, and Taipan Trustee Pte Ltd, with a tendered sale price of $444.92 million or $15,865.99.
This white site at Thomson Road / Irrawaddy Road has a maximum gross floor area of 28,043 square meters and a maximum building height of 153 meters above mean sea level. Thirty percent of the site’s gross floor area should be allocated for hotel use, and the rest can be allocated for residential, retail, office, or other commercial uses. This is located in an established commercial land area, allowing it to have a very ideal space not only for the developers, but for the consumers as well.
The Novena MRT Station is located just a short walk away from the land parcel, and the site can also be accessed through the Central Expressway or the Pan Island Expressway. Shopping centers near the Thomson Road / Irrawaddy Road land parcel include the United Square, Goldhill Shopping Center, Square 2, and Balestier Shopping Center. The area also has an abundance of hospitals including Mount Elizabeth Novena Hospital and Novena Medical Center to name a few, and there are also a few educational institutions nearby such as the Anglo-Chinese School and St. Joseph’s Institution Junior. More importantly, this white site is also very close to Orchard Road, allowing it to have a very high potential.
Related Topics: Novena White site