Published May 3, 2007

SLA releases another 3 state properties for office space

It has received expressions-of- interest for former CPIB Building

By ARTHUR SIM


THE Singapore Land Authority (SLA) has released another three state properties strictly for use as office space, bringing the total to six this year. So far, one site, a former school at River Valley Road, has received four bids with the highest tendered monthly rent at $75,555 a month.



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Based on the the gross floor area of 47,253 sq ft for the River Valley site, the monthly rent works out to be about $1.60 psf.

SLA said the bids are still being evaluated. Nevertheless, ERC Holdings - an investment holdings company - which put in the highest bid said it was keen enough to pump in another $3 million to $5 million to upgrade the building.

Like many businesses today, ERC is facing a space crunch and needs the space urgently. Its CEO Andy Ong said that the company already occupies about 20,000 sq ft in the