Tuesday, March 28, 2006
URA releases third Orchard Road prime site for sale
 The Urban Redevelopment Authority (URA) has released another prime site on Orchard Road for sale. The Somerset Central site, which is located above the Somerset MRT Station, is planned for a commercial development, said URA in a statement on Tuesday. The land has been placed on the Reserve List of the government's land sales programme, the URA said. Under the reserve list system of allocating land, a site is only made available for public tender after a developer offers what the authorities deem an acceptable price. The site, which comprises 0.7ha of land, will yield a total gross floor area of 39,410 square metres and is offered for sale under a 99-year lease. Already a regionally famous shopping district, Orchard Road is being redeveloped to achieve the government's vision for the area as "one of the greatest shopping streets in the world, a pulse for fashion and all things hip and happening." "Plans for remaking Orchard Road are rapidly taking shape with the successful sale of the two commercial sites at Orchard Turn and Orchard Road/Killiney Road in December 2005 and January 2006 respectively," the URA added. The release of the latest and the third commercial site "will complement the existing and future developments in the area", the URA said. "These developments will expand the diverse range of shopping outlets available and generate added vibrancy to activities along Orchard Road," it said. - CNA/ir |
// posted by Shajahan @ 3:55 PM 