Tender for Clemenceau Ave hotel site awarded to RB Capital Hotels

The Urban Redevelopment Authority (URA) has awarded the tender for the hotel site at Clemenceau Avenue/Havelock Road to RB Capital Hotels.

The company submitted the highest bid of S$101.1 million for the site. This translates to S$8,751 per square metre per plot ratio.

The site had attracted a total of 13 bids, with the remaining bids ranging from some S$50.1 million to S$96 million.

The tender for the site was launched on June 28 and closed on August 31.

The land parcel has a lease period of 99 years and was made available for sale through the Reserve List System.

With a site area of 5,502 square metres, the land parcel can generate a maximum permissible gross floor area of 11,555 square metres for hotel use.

Source : Channel NewsAsia – 3 Sep 2010

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