13 bids received for hotel site at Clemenceau Ave/Havelock Rd

The Urban Redevelopment Authority has received 13 bids for the hotel site at Clemenceau Avenue/Havelock Road at the close of the tender on Tuesday.

RB Capital Hotels submitted the top bid at S$101 million.

This translates to S$8,751 per square metre per plot ratio (psm ppr).

The second highest bid of S$96 million came from Tampines Court, a unit of Golden Development.

The bid works out to S$8,308 psm ppr.

The site attracted a total of 13 bids with the remaining bids ranging from some S$50.1 million to S$85.8 million.

The land parcel, which has a lease period of 99 years, was made available for sale through the Reserve List system since March 2008.

It was launched for public tender on June 28.

With a site area of about 0.55 hectares, the land parcel can generate a maximum permissible gross floor area of some 11,500 square metres for hotel use.

Source : Channel NewsAsia– 31 Aug 2010

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