The Urban Redevelopment Authority (URA) announced on 23 February that it has accepted an application from a developer to put up the industrial site at Yishun Avenue 6 (Parcel 1) for public tender.

The land parcel was made available for sale through the Reserve List system on 29 May 2007. Under the Government’s Reserve List system, the Government will put up a Reserve List site for public tender if it receives an application from a developer who commits, by signing an agreement and paying a deposit of 5% of the bid price, to bid for the site at or above the minimum price which is acceptable to the Government.

URA received the application from the developer who has committed to bid at a price of not less than $11.5 million for the land parcel.

URA will launch the public tender for the site in about two weeks. The launch date will be announced later. The tender period for the land parcel will be about four weeks.

The land parcel has a site area of about 1.42 ha and a maximum gross plot ratio of 2.5. It can be developed for a variety of uses under “Business 1” zoning. The site will have a lease period of 60 years.