A hotel site in Tanjong Pagar was released for sale on Monday via a public tender.
The Urban Redevelopment Authority (URA) said the Gopeng Street/Peck Seah Street site was made available for sale through the so-called Reserve List system in February 2008.
The sale process was triggered earlier this month when URA received an application from a developer to put up the land parcel for tender.
The unnamed developer has committed to bid at a price of not less than S$94.05 million.
URA said the 99-year leasehold site is situated at a prominent gateway leading directly into the main financial and business areas of Shenton Way, Raffles Place and Marina Bay.
It is also home to several hotels, such as the Amara and M Hotel, serving the business community and tourists.
With a land area of about 0.23 hectares, the site can generate a maximum permissible gross floor area of over 19,000 square metres. It also has a maximum building height of 30 storeys.
The tender for the site will close at noon on January 11 next year.
Source : Channel NewsAsia – 15 Nov 2010