A developer has committed to bid not less than S$56,500,000 for a land parcel on the Reserve List of the Government Land Sales Programme.
The site at Rangoon Road/Farrer Park Station Road is slated for hotel development.
The Urban Redevelopment Authority (URA) said the price committed by the developer is acceptable to the government, and it will release it for sale by public tender.
The 0.3-hectare land parcel was made available for sale through the Reserve List system on 16 November 2011.
The tender period for the land parcel will be about eight weeks.
The hotel site is expected to generate a gross floor area of about 13,004 square metres.
Source : Channel NewsAsia – 3 Feb 2012