by Jared Heng
Singapore’s Urban Redevelopment Authority (URA) Friday announced that it has accepted an application from a developer to put up a hotel site at Rangoon Road / Farrer Park Station Road for sale by public tender.
The land parcel was made available for sale through the Reserve List system on 16 November 2011.
With a 99-year lease term, the approximately 0.3-hectare site has a maximum permissible gross floor area of about 13,000 square metres.
URA said the unnamed developer committed to bid at a price of not less than S$56.5 million in the tender.
Situated above Farrer Park MRT Station, the future hotel development will enjoy easy access to the Central Business District at Raffles Place and Marina Bay.
URA said it will launch the public tender for the site in about two weeks, with the exact launch date to be announced later. The tender period will be about eight weeks.
