The Urban Redevelopment Authority has released detailed sales conditions for two reserve list sites at Clemenceau Avenue/Havelock Road and Upper Changi Road North/Flora Drive.
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The site at Clemenceau Avenue is slated for hotel development. The parcel is close to the popular entertainment districts of Clarke Quay, Boat Quay and Robertson Walk.
It has an area of about 5,500 square metres and a permissible gross floor area of 11,555 square metres.
Consultant Knight Frank expects a three to four-star business hotel to be built with up to 270 rooms.
It is estimating the land price to be in the range of S$600 to S$650 per square foot per plot ratio, or up to S$81 million in total.
A second site released at Upper Changi Road North parcel can be used for residential development.
The site has an area of 30,682 square metres and a maximum permissible gross floor area of 42,956 square metres.
Knight Frank says the new development could yield up to 400 units, which could be sold at between S$650 and S$720 per square foot.
This will result in a land price of about S$83 million to $111 million, or up to S$240 per square foot per plot ratio. - CNA/ch
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