Thursday, September 14, 2006
[RealEdge] BT : Hotel site at Bencoolen Street up for tender
| Published September 14, 2006  | |
| Hotel site at Bencoolen Street up for tender
By UMA SHANKARI
A 99-YEAR leasehold hotel site on Bencoolen Street will be up for tender in two weeks, after an unnamed developer made a $36 million bid for the land parcel. The 0.36 ha site has a gross plot ratio of 4.2 and a maximum gross floor area of about 15,023 sq m. Any upcoming hotel can go as high as 16 storeys. The site is located at the core of the upcoming Bras Basah/Bugis entertainment district and has an extensive frontage along Bencoolen Street. The area will have a concentration of cinemas, theatres, performance venues, and shopping and dining outlets. Announcing the bid yesterday, the Urban Redevelopment Authority said: 'With these positive attributes, the Bugis area has become an established hotel core and the hotel site at Bencoolen Street provides the opportunities for investors to tap the demand for hotel rooms in the area.' Market watchers agreed, saying that the site is expected to generate healthy interest from developers. Nicholas Mak, director of research and consultancy at Knight Frank, said that the site could go for $70-80 million - or $433-495 per sq ft per plot ratio. The site was made available for sale through the government's reserve list system in June. Under the reserve list system, a site will only be put up for public tender if URA receives an application from a developer who commits - by signing an agreement and paying a deposit of 5 per cent of the bid price - to bid for the site at what the government deems to be an acceptable price. Yesterday, URA said it has received an application from a developer who has committed to bid for no less than $36 million for the site. URA will launch the public tender for the site in about two weeks. The launch date will be announced later and a tender period of about eight weeks will be allowed. |
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