Tuesday, November 21, 2006
[RealEdge] BT : Sinaran Dr hotel site put up for sale
| Published November 21, 2006  | |
| Sinaran Dr hotel site put up for sale THE Urban Redevelopment Authority (URA) launched the hotel site at Sinaran Drive for sale by public tender yesterday after receiving a committed bid of $92 million by an unnamed developer two weeks ago. This works out to about $352 per square foot (psf) per plot ratio. The land parcel has a site area of about 0.58 ha, a gross plot ratio of 4.2 and a maximum permissible gross floor area of 261,703 sq ft. The aggressive bid, which is also double the earlier estimates by property consultants, surprised some market watchers. However, most believe confidence in the hotel sector has returned. According to research data from Jones Lang LaSalle Hotels, 5-star and 4-star hotel room rates were up 17.5 per cent and 20.4 per cent, respectively, from end December 2005 to end June 2006. URA says that a tender period of about eight weeks will be allowed for the site and the tender will close on Jan 16, 2007. Selection of the successful tenderer will be based on the tendered land price only. |
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