The Golden Mile complex site on Beach Road in Singapore has been placed on the block with a reserve price of S$800 million, The (Singapore) Business Times reported.
An integrated development spanning 85,977.5 square meters of gross floor area can be built next to the existing 16-story landmark building on the roughly 1.3-hectare site, the Jan. 8 report added.
According to marketing agent Edmund Tie & Co., the new development is subject to the conservation of the iconic main building as an outline application to retain the structure has been lodged to the city-state's Urban Redevelopment Authority.
The new building may comprise retail, office, residential, serviced apartments and hotels under the existing commercial zone, the publication noted.
The tender exercise is scheduled to close Jan. 30.
As of Jan. 8, US$1 was equivalent to S$1.36.