Capitol Centre at Stamford Road may be demolished to make way for a new hotel to meet demand for hotel rooms. The location is one of eight confirmed sites that have been released for sale, under the Government's Land Sales programme.
The Ministry of National Development also announced on Thursday that it will release enough land to potentially build nearly 8,000 private residential units, in the second half of the year. Meanwhile, Capitol Building, Capitol Theatre as well as Stamford House have been gazetted for conservation. The Urban Redevelopment Authority said the sale of the site they are on, will not only facilitate the restoration of the conserved buildings, but also add vibrancy to the area.
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All in, a 1.45 hectare land parcel at the corner of North Bridge and Stamford Roads will be released under the confirmed list of the government land sales programme for the second half.
The successful bidder has the option to demolish Capitol Centre to build new and higher-yielding properties.
These include a 600-room hotel, which will increase the number of hotel rooms in the vicinity.
Analysts expect this site to generate a lot of interest.
Nicholas Mak, Director, Consultancy & Research, Knight Frank, said: “If you look at the entire area, I think it is located in a jewel of a location. The location is prime and is located very close to Raffles City, the MRT and has excellent exposure with potential re-development for one component of it, which is Capitol Centre. So, again there's a lot of imagination. It will certainly attract world class developers.
Another 100-room hotel is slated at a confirmed site at Bukit Chermin.
This is timed to coincide with the completion of the Labrador Nature and Coastal Walk in 2011.
Tay Huey Ying, Director, Research and Advisory, Colliers International, said: "This particular locality is going up very nicely into a tourist attraction as well as drawing more businesses and residents to this locality. I think the availability of this site in the GLS programme will probably generate a fair bit of interest because sites for hotel development in this locality is generally very limited."
She added that the four black and white bungalows would also add character and ambience to the hotel development.
Other sites up for sale are residential sites at Yio Chu Kang, Seletar Road, Sembawang Greenvale, New Upper Changi Road, Tanah Merah Kecil Avenue,
Punggol Field, Punggol Road which is marked for the building of executive condominiums
Although the site at Yio Chu Kang, Seletar Road will have commercial activities, property analysts are not expecting developers to bite
The latest programme also includes two new sites which will transform the Jurong Lake District and Kallang Riverside into a destination for work, life and play. - CNA/vm
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