Source : The Business Times, August 3, 2007
THE Urban Redevelopment Authority yesterday launched the tender for a hotel site in Merchant Road, near the Swissotel Merchant Court Hotel. The 99-year leasehold site can be developed into a seven-storey hotel with about 300 rooms. The tender for the 37,762 square foot site closes on Oct 25. Maximum gross floor area comes to 132,159 sq ft.
Related link:
URA's news release - https://app-pac.mica.gov.sg/data/vddp/embargo/38346959.pdf
Knight Frank director (research and consultancy) Nicholas Mak expects top bids to come in at about $70-80 million, reflecting a unit land price of $530 to $605 per square foot of potential gross floor area. That reflects a land price of around $233,000 to $267,000 per hotel room. Mr Mak reckons the site is suitable for a four-star business hotel.
Last month, URA released another hotel site on the confirmed list of the H2 2007 Government Land Sales Programme. That site can be developed into a hotel with about 500 rooms. It's on Upper Pickering Street, within walking distance of Chinatown and Clarke Quay MRT stations. That tender closes on Oct 10.
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