The Ogilvy site tender has attracted a total of 8 bids in a public tender that closed on January 5, with Royal Group Holdings Pte Ltd placing the highest bid of $86 million.
The site, which is located at the junction of Robinson Road and Boon Tat Street, was made available for sale on November 2 under the reserve list system. On October 19, the URA had accepted a successful application from a developer, which committed to bid not less than S$30.8 million for the site.
The second highest bid came from Oxley Vibes Pte Ltd, offering $72 million, or around $9,664.43 psm of GFA. This was followed by RB Capital Hotels Robinson Pte Ltd, Fragrance Global Pte Ltd, Golden Development Private Ltd, Sin Heng Chan (1960) Pte Ltd, Roxy Hotels Pte Ltd and Beach Development Ltd, which emerged as the lowest bidder at $34 million.
Located at the heart of Singapore’s CBD, the site includes a historically and architecturally significant conservation building, designed in the Neo-classical style. It is within walking distance to Raffles Place and Marina Bay.
The property has a total site area of 1,859.9 sq m and a maximum permissible GFA of 7,450 sq m, including the 4,016 sq m conservation building.
Additionally, Royal Group Holdings, which offered one of the highest bids seen for hotel sites recently, said it plans to develop the property into a five-star hotel with at least 200 rooms, as well as upmarket restaurants and retailers on the ground floor.