Park Regis Investments has put in the top bid of S$100.7 million for a hotel site at the junction of New Market and Merchant roads. This translates to S$762 per square foot per plot ratio. Park Regis Investments' offer is 34% higher than its nearest competing bid.
The 3,500 square metre site has a maximum gross floor area of nearly 12,300 square metres.
The site attracted seven bids, with the lowest bid at just under S$53 million.
Consultant CB Richard Ellis (CBRE) said the bid by Park Regis Investments is also at least 45 percent higher than the prices paid for two nearby hotel sites that were awarded in 2006.
A hotel site at Clemenceau Avenue/Unity Street was awarded at S$466 per square foot per plot ratio, while the hotel site at Mohamed Sultan Road/Nanson Road fetched S$518 per square foot per plot ratio.
CBRE said the prevailing buoyant mood in the hotel and tourism markets could account for the high prices submitted for the hotel site.
The Urban Redevelopment Authority will announce the award of the 99-year leasehold site at a later date. - CNA/ms
No comments:
Post a Comment