Hotel, residential plots put up for tender

Hotel, residential plots put up for tender

Two sites were put up for tender yesterday - the first hotel site in the Jurong Lake District and a residential plot near the future Beauty World MRT station.

Both are reserve list sites. Unlike those on the confirmed list, they go on sale only when a developer agrees to bid a minimum sum acceptable to the Government.

A 1.02ha site in Jalan Jurong Kechil - near Upper Bukit Timah - slated for private apartments was first made available for sale back in 2006. A developer recently committed to bid at least $24 million for the plot, which can also be used to build retirement housing. It comes with a lease option of 30, 45 or 60 years.

Experts expect a top bid of between $30.7 million and $43 million, or $200 to $280 per sq ft per plot ratio (psf ppr). Five to 10 bids are likely.

The 99-year leasehold hotel site - the first in the Jurong Lake District - was put on sale after a developer agreed to bid not less than $102 million. It was made available for sale in May.

The 0.9ha land parcel, estimated to yield 510 rooms, is envisaged as a distinctive hotel with a garden setting.
The successful bidder is likely to build a four-star 700-room business hotel to cater to the growing commercial hub. Hence, the top bid could be between $650 and $700 psf ppr.

Source: The Straits Times – 6 September 2012