Tender Closed For Rangoon Site

Source : TODAY, Friday, September 28, 2007

Tender for the Race Course Road/Rangoon Road site has closed with two bids.

The top bid of $265.3 million, or the equivalent of $431 per square foot per plot ratio came from Singapore Healthpartners.

“Singapore Healthpartners is likely to build a mixed hotel and hospital/medical suite development on the site,” said Mr Li Hiaw Ho, CBRE Research executive director.

CBRE Research believes that the demand for affordable and modern healthcare coupled with rising hotel occupancy rates would contribute to the overall attractiveness of a hotel-hospital hybrid.