Hotel Plaza has put in the top bid of S$253.2 million for a hotel site at Upper Pickering Street. All in, the tender exercise by the Urban Redevelopment Authority attracted nine bids.
According to CB Richard Ellis (CBRE), the top bid works out to S$805 per square foot per plot ratio.
It is also at least 40 percent higher than the prices paid for two other hotel sites along Tanjong Pagar Road that were awarded recently.
The 99-year leasehold site has a maximum gross floor area of 315,000 square feet.
CBRE believes the site can support a hotel that caters to business travellers. - CNA/so
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