SINGAPORE - A private residential site in Margaret Drive near the Commonwealth MRT station will soon be put up for public tender, the Urban Redevelopment Authority (URA) said on Thursday.
This follows URA's acceptance of an application for the Reserve List site by a developer.
Under the Reserve List system, a site will be put up for tender only if the developer's minimum bid price is acceptable to the Government.
In this case, the unnamed developer has committed to bid at least $185.758 million for the 99-year leasehold plot, which could potentially yield 275 housing units.
The site has an area of 0.48 ha, with a maximum gross floor area of 22,195 square metres.
It is located close to amenities including Queensway Shopping Centre, IKEA Alexandra and Alexandra Central, a hotel and a retail development.
The URA said the public tender for the site will be launched in one to two weeks.