Royal Group submits highest hotel site bid

Royal Group Holdings has submitted the highest bid of S$86 million for a hotel site at Robinson Road and Boon Tat Street.

The Urban Redevelopment Authority closed on Wednesday, the tender for the site after receiving eight bids in total.

Royal Group’s bid translates to about S$11,543 per square metre.

The next highest bid of S$72 million came from developer Oxley Vibes.

The 1,800 square metre site is being offered for sale on either a 30-year or 60-year lease.

It was launched for public tender in November last year.

URA said it would decide on the winning bidder at a later date.

Source : Channel NewsAsia – 5 Jan 2011

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