Royal Group Holdings Pte Ltd has acquired the Ogilvy Centre hotel site for S$86 million, after emerging as the top bidder in a public tender launched by the Urban Redevelopment Authority (URA).
The site, located at the junction of Robinson Road and Boon Tat Street, was made available for sale on 2 November 2010, under the reserve list system. On 19 October 2010, the URA accepted an application from a developer, which committed to bid no less than S$30.8 million for the site.
Located at the heart of the Central Business District (CBD), the hotel site includes a historically and architecturally significant conservation building, designed in Neo-classical fashion. It is within walking distance of Raffles Place and Marina Bay. Its prominent location and distinctive architecture offer Royal Group Holdings Pte Ltd an opportunity to develop a unique, quality hotel in the area.
The property has a total area of 1,859.9 sq m and a maximum permissible gross floor area (GFA) of 7,450 sq m, including the 4,016 sq m conservation building.