URA launches tender for Robertson Quay hotel site

05:55 AM Jan 07, 2011

SINGAPORE - The Urban Redevelopment Authority (URA) yesterday launched the tender for a 99-year leasehold hotel site at Robertson Quay.

The land parcel has been available for sale through the Reserve List system since last April. The tender was triggered after a developer committed to a bid of not less than $51.5 million. The 0.45-hectare site can generate a maximum permissible gross floor area of over 12,000 sq m (129,167 sq ft).

It is located within Robertson Quay, along the historic Singapore River, amid a well-established hotel cluster comprising developments such as Studio M Hotel, Park Hotel Clarke Quay and The Gallery Hotel. It enjoys direct access to the Singapore River promenade, with many popular entertainment, food and beverage and lifestyle outlets along Robertson Quay, Clarke Quay, Boat Quay and Mohamed Sultan Road.

The tender for the site will close at noon on March 8.

On Wednesday, the URA announced that Royal Group Holdings had submitted the highest bid of $86 million for a hotel site at Robinson Road and Boon Tat Street. The URA had closed the tender after receiving eight bids.

Royal Group's bid translates to about $11,543 per sq m. The next highest bid of $72 million came from developer Oxley Vibes. The 1,800-sq-m site is being offered for sale on either a 30-year or 60-year lease.

The URA said it would decide on the winning bid at a later date.

Source: www.todayonline.com