A RESIDENTIAL site at Stirling Road has been triggered for sale by public tender after a developer committed to bid at no less than S$685.25 million, the Urban Redevelopment Authority (URA) said on Monday.
The site, which is within walking distance to Queenstown MRT station, is expected to yield 1,110 units. It is under the Reserve List of the Government Land Sales programme, which means that it is triggered for tender only when an interested party submits an application with a minimum price that is acceptable to the government.
The 2.11-ha land parcel was first made available on the Reserve List in March 2010.
The minimum price of S$685.25 million translates to S$718 per square foot per plot ratio based on the site’s maximum gross floor area of 88,660 square metres.
URA said it 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 four weeks.