A new hotel development is set to come up at the corner of New Market Road and Merchant Road. The Urban Redevelopment Authority has launched the site for sale by public tender.
The land parcel, which has a 99-year lease, is on the Confirmed List of the Government Land Sales Programme for the second half of this year.
The 0.35 hectare land parcel near the Clarke Quay MRT station is zoned for hotel use.
It can generate a maximum permissible gross floor area of 12,278 square metres.
Property consultant Knight Frank believes a 4-star business hotel, with about 290 to 300 rooms, can be developed on this site.
It also says the tender could attract up to four bidders who could offer between S$70 million and S$80 million for the parcel.
This translates to between S$530 and S$590 per square foot per plot ratio.
The tender will close at noon on 25 October.
The government has recently sold two hotel parcels.
One of them is a site at Tanjong Pagar Road and Gopeng Street, which was sold to Carlton Properties in May for S$123 million.
The other is a site at Tanjong Pagar Road and Tras Street that was sold to Chng Ghim Huat in June for S$97 million. - CNA/ch/so
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