Strong bids received for white site near Novena MRT

Due to robust demand for medical suites, offices, shop and hotel units, strong bids were received for a white site near to Novena MRT station. The bidding was encouraging as the site is in a very convenient location within walking distance to MRT station  and the existing shopping and F&B amenities at Novena Square.

A strong top bid came from Hoi Hup consortium and Sunway Developments with a bid of about $493,000,000 for this mixed-use land site among other 8 bidders. This translate into $1,632 psf ppr, which is a record rate for a white site that are allowed for various uses. The previous record was done in 2007 at $1,409 psf ppr for a Marina white site.

This white site located at the corner of Irrawaddy and Thomson road has a gross floor area of about 302,000 sq ft sitting on a piece of about 72,000 sq ft prime land.

This land is zoned for mixed use with hotel component occupying at least 30% of GFA. The rest is open for shops, offices, medical suites or residential uses.

Several other bidders are sizeable developers like Capitaland group at about $445 million, Far East, Sim Lian and UEM Land among others.

Hoi Hup will develop it into a hospitality, medical suites and shops mixed used complex as Novena is an emerging medical hub with well-known Tan Tock Seng Hospital, Novena Medical Centre, National Skin Centre, National Neuroscience Institute and Mount Elizabeth Novena Hospital in close vicinity.

12 Dec 2012