SINGAPORE - The Urban Redevelopment Authority (URA) has accepted an application from a developer to put up the commercial site at Beach Road for sale by public tender.

The two-hectar land parcel was first made available for sale on the Reserve List in November 2014. The developer committed to bid at a price of not less than S$1.13 billion in the tender for the land parcel, a commitment acceptable to the Government, the URA said in a release on Wednesday (June 21).

The site will have a maximum permissible gross floor area of 88,313 sqm, of which at least 61,820 sqm is for office use.

The tender, to be launched in two weeks, will have a period of about twelve weeks, the release added.