Friday, April 3, 2009

URA To Launch Hotel Site At Short St In Reserve List In 2 wks

Source : The Business Times, April 2, 2009

The Urban Redevelopment Authority (URA) on Thursday announced that it has accepted an application from a developer to release for sale by tender a site at Short Street for hotel development.

The 99-year leasehold site is being offered through the reserve list system.

'URA has received an application from a developer who has committed to bid at a price of not less than $8.8 million (US$5.8 million) for the land parcel at Short Street. In accordance with the procedures of the reserve list system, URA is making public this price. However, the identity of the applicant will not be released,' the planning authority said in a news release.

The tender will be launched in about two weeks and close after about eight weeks.

The site, with a land area of about 0.12 hectare, can be developed into a 12-storey boutique hotel with about 100 rooms. The site is located within the Bras Basah-Bugis district, which has a synergistic cluster of arts, culture and education facilities, URA noted.

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