Hotel site at Robertson Quay attracts 9 bids

A hotel site at Robertson Quay has attracted a total of nine bids from developers at the close of its tender by the Urban Redevelopment Authority (URA).

The highest bid of S$127.8 million was jointly handed in by Novel Developments and New Vista Realty.

That translates to S$10,098 per square metre.

The second highest bid of S$127.1 million came from RB Capital Robertson City, while the third highest bid was S$103.3 million from Golden Development Private Limited.

The lowest bid of S$65 million was by Grand Plaza Park Hotel.

“The increasing number of tourists in Singapore has pushed up the demand for accommodation and thus for land for hotels,” said Li Hiaw Ho, executive director of CBRE Research.

Mr Li also pointed out that the highest bid was more than twice the trigger price of S$51.50 million.

He added that the hotel site has a maximum gross floor area of 12,651 square metres and an estimated 350 rooms can be developed there.

The 4,500 square metre site with a 99-year lease was launched for public tender in January.

It was originally on the Reserve List of the Government Land Sales Programme.

URA said it will announce the winning bidder at a later date.

Source : Channel NewsAsia – 8 Mar 2011

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