THE Urban Redevelopment Authority (URA) has rejected the only bid submitted for a transitional office site at Mohamed Sultan Road as the price offered was too low.

The lone bid of $4.65 million, which works out to $502.3 per sq m, was put in by RSP Architects Planners & Engineers (Pte) Ltd.

The tender for the 6,176.4 sq m site was launched on Aug 19 and closed on Oct 14.

The Land Parcel was offered for sale on a 15-year lease.