The Urban Redevelopment Authority (URA) has launched a hotel site at East Coast Road for sale by public tender.
With a gross floor area of about 24,716 square metres, the land parcel is located at the junction of East Coast Road and Joo Chiat Road.
The 99-year leasehold plot also contains the former Joo Chiat Police Station, which shall be restored as part of the future hotel development.
The site, which is on the government’s reserve list, was triggered for sale in November after a developer had committed to bid at a price of not less than S$160 million for the site.
Under the Reserve List system, a site will only be put up for tender if the developer’s minimum bid price is acceptable to the government.
Source : Channel NewsAsia – 22 Nov 2013