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Chinatown hotel site attracts 7 bids, top bid at S$55.5m
By Loh Kim Chin, Channel NewsAsia | Posted: 22 August 2006 1947 hrs

SINGAPORE : The Urban Redevelopment Authority has received a top bid of $55.5 million for the hotel site at Clemenceau Avenue and Unity Street.

That is more than double the S$25 million minimum bid price and it translates into slightly more than S$5,000 per square metre of gross floor area.

There were a total of seven bids.

The top bid came from ParkSing Property, a unit of Hong Kong's Park Hotel Group which bought over Crown Hotel along Orchard Road last year.

The 4,000 square metre leasehold site has a permissible gross floor area of 11,000 square metres.

The developer will be able to build up to four storeys at the area fronting the Singapore River.

The rest of the development has a maximum height of 10 storeys.

- CNA /ls