Hotel site housing former Joo Chiat police station attracts 8 bids

A sales tender for a hotel site housing the former Joo Chiat police station at East Coast Road has attracted eight bids.

According to the Urban Redevelopment Authority (URA), a consortium comprising Master Contract Services and Keong Hong Construction submitted the top bid of S$352.8 million.

This was around 10 per cent higher than the second highest bid of S$321.3 million put in by CEL Residential Development.

The tender for the site was triggered from the reserve list last November, after an unnamed developer committed to a bid of at least S$160 million.

The lowest bid in the tender came from GP Hotel Equity, which offered S$168 million.

The 99-year land parcel located at the junction of East Coast Road and Joo Chiat Road has a gross floor area of about 24,700 square metres.

It is also where the former Joo Chiat Police Station sits.

The successful bidder will have to retain and restore the two-storey former Joo Chiat Police Station as part of the hotel development.

The government has also stipulated that up to 40 per cent of the maximum permissible gross floor area will be allowed for commercial use such as office and retail space.

Analysts said another challenge facing the developer of this hotel is that as the hotel could yield 600 rooms, it would have to provide sufficient parking space.

Source : Channel NewsAsia – 21 Jan 2014

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