Wednesday, December 06, 2006
[RealEdge] BT : Park Hotel unveils proposal for Collyer Quay
| Published December 6, 2006  | |||
| FOREIGN PROPERTY PLAYERS | |||
| Park Hotel unveils proposal for Collyer Quay HONG KONG'S Park Hotel Group has revealed the design for a proposed project on the Collyer Quay site. It was one of eight bidders that made submissions for the site at a state tender which closed on Oct 17. Park Hotel's scheme, designed by DP Architects, comprises a hotel development and food and beverage outlets fronting the sea. Park Hotel director Allen Law declined to reveal how much the group bid, but said its bid was based on a 60-year lease for the site. He would only say that based on the bid price, Park Hotel's overall investment in the project would cross $150 million. The eight bids for the tender are currently being evaluated by the authorities. Under the two-envelope system for the tender, bidders had to submit concept proposals and tender prices separately. Only concepts approved by the Urban Redevelopment Authority will enter the next stage of the competition - where the best price wins. The tender site includes two conservation buildings - Clifford Pier and the former Customs Harbour Branch Building - as well as two adjoining land plots. The successful bidder may build new structures and buildings within the demarcated water space around the existing buildings. Park Hotel group is investing about $650 million in the Singapore hotel market, excluding the Collyer Quay project. The group bought Crown Hotel at the Orchard/Bideford roads junction last year for $300 million (and will spend a further $80 million refurbishing the property, including adding a retail gallery), and Parkroyal hotel at Coleman Street for about $141 million in October. It also clinched a site (next to Robertson Quay hotel) for hotel development at a state tender which closed in August. | |||
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