The Urban Redevelopment Authority (URA) launched the tender yesterday of a site in Tan Quee Lan Street under the Confirmed List of the first half 2019 Government Land Sales (GLS) programme.

The 99-year leasehold site sits on a site area of 11,530.9 sq m and has a maximum gross floor area of 48,430 sq m.

It can potentially yield up to 580 residential units. The site has a maximum building height of 30 storeys for a high-rise zone and six storeys for a low-rise zone.

Ms Tay Huey Ying, JLL's Singapore head of research and consultancy, expects the Tan Quee Lan Street site to be the most attractive in the Confirmed List, as it is located next to Bugis MRT station - "right in the heart of Bugis where the Government's plan for its rejuvenation is fast bearing fruit".

She added: "It will attract developers keen to ride on the area's rapid transformation into a vibrant mixed-use locale and an extension to the Central Business District."

Mr Nicholas Mak, executive director of ZACD Group, expects between eight and 12 bids for the tender as it is one of the rare GLS sites in Bugis planned for residential use.

But he said the proximity to the MRT station may result in higher construction costs, which developers have to consider.

Meanwhile, the tender for a residential site at One-North Gateway under the Confirmed List originally scheduled for this month will be postponed to June "to facilitate a review of planning parameters and tender conditions for the site", URA said.

The tender for the Tan Quee Lan Street site will close at noon on Sept 5, together with a site in Bernam Street in Tanjong Pagar which is scheduled for sale in May, said URA.