Developers may now apply for a plum 99-year leasehold commercial and residential site next to Bedok MRT Station.
The site, on the government’s reserve list, will be made available for application on Dec 16. Its developer will have to build a new bus interchange that will be incorporated into the proposed development.
The 2.4 hectare site can be built up to a gross floor area of nearly 940,000 sq ft. The sale and development of the site will form part of the Government’ rejuvenation plans for Bedok Town Centre.
Under the reserve list system, a developer who is interested in bidding for a site has to submit his application indicating the minimum price he is willing to pay. If the state finds this price acceptable, it will then launch the tender for the site, publicising the minimum acceptable price but not revealing the identity of the successful applicant, which will then have to compete with other bidders for the plot.
Source: Business Times, 15 Dec 2009
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