Singapore Singapore SLA offers property for rent; 2 freehold sites selling en bloc
THE Singapore Land Authority (SLA) has launched another site for short-term office use, a move aimed at relieving the supply crunch.
The property is the former Upper Aljunied Technical School on Upper Aljunied Road. It has a land area of 19,704 sq m and a gross floor area of 7,722 sq m.
It comes with a guide rental of $74,100 a month or $9.60 per sq m, with the tenancy renewable up to 2012.
The SLA says property and leasing companies have already expressed interest.
It has put out various state properties as interim sites this year, including former childcare centres, and more are being identified in suburban areas or away from the Central Business District.
This was a response to the tight office market and soaring rents in prime areas, which are driving some tenants to seek cheaper locations further from town.
In the residential market, two more collective sale sites have been put on the market.
The bigger plot is Cavenagh Gardens on Cavenagh Road, near the Istana. Owners at the estate, a 130,000 sq ft freehold site, want $619 million, or $2,308 per sq ft of potential gross floor area.
PropNex, which is marketing the site, has applied for permission to amalgamate a piece of state land.
If this is allowed, the combined site will cost $770 million, excluding about $72.8 million for the state land. The cost will be higher in this case because whoever buys the combined site will be able to build a bigger project.