Hotel site for sale in Tanjong Pagar area
Hotel site for sale in Tanjong Pagar area
The legal Tender for reserve list plot activated after the lower level bidding
An unnamed construction entrepreneur had forwarded a very successful form of application for receiving the tender on a hotel plot area in the region of tanjong pagar by URA or urban redevelopment authority.
They had even agreed to receive the bid for a small amount of $94.05millions or else in the ratio of $450 per square foot. The whole plan is made to furnish at a 99 year plot which is lease hold at peck seah or Gopeng Street. This is made possible through the system of reserve list at the month of February in the year of 2008.
Once fully furnished, this plot can hold a hotel of 330 rooms and an area of 31,215 square feet total floor area as commercial place as per the information from the second half of Government Land sales program of the year 2010.
The URA has decided to launch the public legal tender for the plot within two weeks.
In fact, the plot is only at a stone’s throw distance from the two hotels, earlier made and sold by URA in the year of 2007. One plot was traded for about$ 123 million or $573 per square feet ppr to the group of Carlton. Another gigantic plot was sold for around $97 .07 million or else $562 per square feet ppr to the Chng Gim Huat which belongs to CGH group
Another most important thing mattering to this is regarding the prediction of managing director of Cushman and wake field Singapore who says that the plot will yield up to a maximum bid ranging from$ 650 to $750 puff ppr . When converted to millions, it will come around $136-$157millions in the means of absolute bid costs.
URA had noted that the area of Tanjong pagar is a domicile to several established hotels and restaurants which serves the tourists, visitors and the whole business community. These business hotels include Amara and M Hotel and other award winner hotels like Berjaya hotel and the hotel of the scarlet.
In fact, the Tanjong pagar district will become a commercial city with the vibrancy of big sales groups, new official enterprises, hotel sites, high-rise residential and so on.
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Potentials Behind Home Sales »« URA calls up for a hotel site at Gopeng
