Property developer Hiap Hoe has put in the top bid of S$73.3 million for a hotel site at Balestier Road and Ah Hood Road.
The price works out to S$172 per square foot per plot ratio for the 99-year leasehold site. Consultants CB Richard Ellis said the bid is relatively low compared to other hotel sites.
The site has a maximum gross floor area of 425,942 square feet, which can potentially yield some 675 hotel rooms.
A hotel built on the location can capitalise on the Sun Yat Sen Nanyang Memorial Hall which is located nearby.
An upcoming Zhongshan Park, spanning 4.6 hectares, will be within the proposed development.
4,844 square feet of space in the public park can be used for outdoor refreshment areas and tea pavilions.
All in, there were three bids for the hotel site, with Garden City Hotel bidding S$53 million, while Park Plaza put in an offer of S$35 million.
The Urban Redevelopment Authority will announce the award of the tender later. - CNA/ms
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