A 6,676.8 sq m white site located at Thomson Road/Irrawaddy Road (pictured) attracted a total of nine bids with the highest offer at S$492.5 million when the public tender closed yesterday, according to the Urban Redevelopment Authority (URA).
Offered on a 99-year lease, at least 30 percent of the maximum permissible gross floor area (GFA) of 28,043 sq m must be allotted for hotel use while the remainder may be developed into residential, retail, office and other complementary commercial uses.
A consortium led by Hoi Hup Realty offered the top bid which works out to S$17,562.32 psm on the GFA.
URA will award the tender after all bids have been evaluated.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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