The government will be launching a hotel site at Havelock Road for sale by public tender in two weeks’ time.
The Urban Redevelopment Authority (URA) said the site on the government’s reserve list was triggered for sale after a developer had committed to bid at a price of not less than S$18 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.
The plot is on the Reserve List for the first half 2013 Government Land Sales (GLS) Programme, and was made available for sale through the Reserve List system on 27 June 2013.
The land parcel consists of three conserved warehouse buildings fronting the Singapore River.
The URA expects the conserved buildings to be developed into a boutique hotel.
Unlike the usual hotel land parcels, the plot has a land tenure of 60 years, compared to the usual 99 years.
With a land area of about 1,536.2 square metres, the hotel site can generate a maximum permissible gross floor area of 2,145 square metres.
URA said it will announce the launch date later and the tender period will be about eight weeks.
Source : Channel NewsAsia – 3 Aug 2013