HG Properties has been awarded the Fairy Point Hill site after its bid of $25.5 million was accepted by the Urban Redevelopment Authority on Friday.
Just two bids were received — the second was from Precious Treasure, which had tendered $10.68 million. Both bidders had placed bids for a lease of 45 years.
A recreation club, hotel or holiday chalet can be developed on the 41,796.6 sq m parcel of land at Changi Point, which was launched for public tender on March 28 for a 30- or 45-year lease.
The site has a permissible gross floor area of 16,661 sq m and has a maximum building height of three-storeys. It must not exceed the height of the existing former commando headquarters.
The tender for the site closed on Wednesday.
Source: Weekend Today, 23 Jun 2007