THE Urban Redevelopment Authority (URA) has launched a commercial and residential site for sale by public tender.
The land parcel, located at Yio Chu Kang Road and Seletar Road, has a site area of 2.1 hectares and is designated for a mixed commercial and residential development.
Interested developers must submit a bid of at least $40.5 million for the plot of land.
Two weeks ago, URA said it received an application from a developer which has committed to putting in a bid above the minimum price.
Previously, the land parcel had been made available for sale through the Reserve List System.
Under this system, a site would be released for sale only if a bid with an acceptable minimum price is received.
Source: Today, 21 Aug 2009