The Urban Redevelopment Authority (URA) said a developer has committed to bidding at least S$100 million for a land parcel at the corner of Stamford Road and North Bridge Road.
The site, which has a 99-year lease, includes three historical buildings – the Capitol Theatre, Capitol Building and Stamford House.
The site has been on the reserve list since 2008 and is expected to be launched for sale by tender in two weeks.
There will be some conditions for the successful bidder.
The bidder will have to retain and restore the buildings for adaptive reuse, and must also set aside 25 per cent of the total gross floor area for hotel use.
The land parcel has an area of about 1.43 hectares and will be sold together with a subterranean parcel that connects City Hall MRT and the CityLink Mall with Marina Centre.
URA said a concept and price revenue tender system will be adopted to choose the winning bidder.
Consultants CB Richard Ellis said it expects the site to fetch bids of between S$400 and S$500 per square foot, based on the maximum permissible gross floor area.
This will translate to an estimated bid of between S$220 million and S$270 million.
Source : Channel NewsAsia – 1 Apr 2010