JTC Corporation (JTC) has announced that the 1.8-ha, 99-year leasehold site in North Buona Vista will be launched for public tender after it has accepted an application from a developer.
The unnamed developer committed to bid a minimum price of S$320 million or US$229 million for the land site, said JTC.
The site is located within the biomedical hub of one-north, the country’s 200 ha innovation and R&D hub. It has an average area of 111,565 sq m, with 2,000 sq m being reserved for retail use.
JTC said the land site will be developed into a high-rise commercial building, providing more office space outside the central business district. It added that near the site is the business and lifestyle hub of one-north.
Upcoming developments of the hub include an integrated hotel, residential and retail development, as well as a Civic, Cultural and Retail Complex (CCRC), which will house a 5,000-seater state-of-the-art performing theatre when completed in 2012.