URA releases first sale site at Kallang Riverside for hotel development

The Urban Redevelopment Authority (URA) has released the first sale site at Kallang Riverside for hotel development.

The 0.74-hectares land parcel will be made available on the reserve list under the Government Land Sales Programme for the first half of 2009.

URA said the plot has a permissible gross floor area of 20,917 square meters with a maximum building height of 16 storeys.

The site will have a lease period of 99 years.

Urban planners said the hotel development will cater to business travellers and tourists, and provide for complementary shops like retail and food outlets.

Earmarked as the new waterfront lifestyle precinct, the Kallang Riverside is one of the key growth areas unveiled in the Master Plan 2008.

The Master Plan is a statutory land use plan that guides physical development of the country for the next 10 to 15 years.

The plot was originally scheduled to be made available on the Reserve List in December last year. But as more time was needed to finalise the planning and development conditions of the Kallang River, the release of the site was deferred till this month.

Some market watchers said the site could yield a 300 to 380-room hotel development based on the plot ratio, and the bid price could range between S$150 and S$190 per square foot per plot ratio.

Under the Reserve List system, a site would be released for sale only if the bid meets the minimum price acceptable to the government.

Source : Channel NewsAsia – 2 Jun 2009

COMMENTS