Tender for hotel site at Rangoon Rd/Farrer Park closes with 10 bids

The tender for the hotel site at Rangoon Road/Farrer Park Station Road, near Little India district, has attracted 10 bids, according to the Urban Redevelopment Authority (URA).

The top bid of S$151 million was jointly placed by RB Capital Robertson City and RB Capital Farrer.

That works out to about S$11,612 per square metre of Gross Floor Area.

URA said the remaining bids for the 99-year leasehold site ranged between some S$66 million and S$141 million.

With a land area of about 0.3 hectare, the hotel site is expected to generate a gross floor area of about 13,004 square metres.

URA said a decision on the award of the tender will be made after the bids have been evaluated.

Source : Channel NewsAsia – 17 Apr 2012

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