The Urban Redevelopment Authority (URA) has accepted an application from a developer to put up the hotel site at Gopeng Street/Peck Seah Street for sale via public tender.
The land parcel was made available for sale through the Reserve List system on 21 February 2008.
URA said the developer has committed to bid at a price of not less than S$94.05 million in the tender for the land parcel.
As the minimum price committed by the developer is acceptable to the government, the site will be released for sale via public tender.
The land parcel is located within the Tanjong Pagar area, which is also home to several hotels serving the business community and tourists.
With a land area of about 2,311 square metres, the hotel site can generate a maximum permissible gross floor area of 19,416 square metres.
The development has a 99-year lease period and a maximum building height of 30 storeys.
URA said it will launch the public tender for the site in about two weeks, and it will announce the date later.
The tender period for the land parcel will be about eight weeks.
Source : Channel NewsAsia – 1 Nov 2010