The Urban Redevelopment Authority (URA) has launched a hotel site at New Bridge Road for sale.
Last month, the urban planners received an application from a developer to put the plot on sale.
URA says the developer has committed to bid at least S$43,888,888 for the 99-year lease hold site located in Chinatown, near the Outram Park MRT station.
The 0.45 hectare site can yield a maximum permissible gross floor area of 15,687 square metres and is suitable for a boutique hotel development.
The public tender will close at 12pm on September 3.
URA says selection will be based on the tendered land price and bids below S$43,888,888 will not be accepted.
Source : Channel NewsAsia – 9 Jul 2009