A hotel site at Bencoolen Street has received a top bid of S$73 million.
Altogether, the Urban Redevelopment Authority received eight bids for the 3,600 square metre site.
The top bid by Lasalle Lao Singapore works out to S$4,860 per square metre per gross floor area.
The highest offer is almost double that of the lowest.
The bidders include key players in the local hotel industry such as Park Plaza, Garden City Hotel and Republic Hotels & Resorts.
Property consultant CB Richard Ellis says the strong bids reflect keen interest in the hotel market from developers and hoteliers.
Four other hotel sites are open for application but they have not been launched for tender.
The sites are at New Market Road/Merchant Road, Balestier Road/Ah Hood Road, Tanjong Pagar Road/Gopeng Street and Tanjong Pagar Road/Tras Street.
Source: Channel NewsAsia, 30 November 2006