URA awards Robinson Road hotel site to Royal Group

The Urban Redevelopment Authority (URA) has awarded the tender for a hotel site at Robinson Road/Boon Tat Street to Royal Group Holdings.

The company submitted the highest bid of S$86 million for the land parcel, which translates to about S$11,544 per square metre of gross floor area.

Tender for the site was launched on November 2 last year and closed on January 5.

The land parcel has a site area of about 1,860 square metres and a maximum permissible gross floor area of 7,450 square metres.

The 60-year leasehold site had received a total of 8 bids, ranging from a low of S$34 million to a high of S$86 million.

The second highest bid of S$72 million was submitted by Oxley Vibes.

Royal Group Holdings is expected to develop the property into a five-star hotel with 200 rooms, up-market restaurants and high-end retail outlets.

Source : Channel NewsAsia – 11 Jan 2011

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