The Urban Redevelopment Authority (URA) has launched the site at Victoria Street / Jalan Sultan for sale by public tender today.
The land parcel was made available for sale through the Reserve List system on 25 April 2007. On 1 August 2012, URA announced that it had received an application from a developer to put up the land parcel for tender. The developer has committed to bid at a price of not less than $148,688,550 for the land parcel in the public tender.
With a site area of about 0.84 ha, the land parcel will have a maximum permissible gross floor area (GFA) of 30,977 sqm. Under the tender conditions, the successful tenderer is given the option to develop the site for a hotel or a commercial & residential development with minimum hotel component.
The land parcel is located in proximity to two Historic Districts, namely the Kampong Glam Historic District and Little India Historic District. With Lavender MRT Station nearby, the site enjoys easy access to all parts of the island including the shopping and entertainment precincts in Orchard Road and Bras Basah.Bugis area.
The tender for the site will close at 12 noon on 11 October 2012. Selection of the successful tenderer will be based on the tendered land price only. Any tender below the minimum bid price of $148,688,550 will not be considered.