URA to launch tender for hotel site at Robinson Road / Boon Tat Street

An application from a developer to put up a hotel site at Robinson Road / Boon Tat Street has been accepted by the government through a public tender, according to the Urban Redevelopment Authority (URA).

In a statement, URA said the land parcel was made available for sale through the Reserve List system on
June 22, 2010.

URA has received an application from a developer for the site to be put up for public tender. The developer has committed to bid at a price of not less than S$30.8 million in the tender for the land parcel on a 60-year lease term.

As the minimum price committed by the developer is acceptable to the Government, the site will be released for sale via public tender.

In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site. However, the identity of the applicant will not be released. URA will launch the public tender for the site in about two weeks. The launch date will be announced later. The tender period for the land parcel will be about eight weeks.

Land Parcel at Robinson Road / Boon Tat Street The hotel site is located in the heart of Singapore’s Central Business District, fronting onto a prominent road junction at Robinson Road / Boon Tat Street. It is within walking distance to Raffles Place and Marina Bay.

The land parcel includes a historically and architecturally significant conservation building, designed in the Neo-classical style. Built in 1927, it is an important heritage landmark, representative of Singapore’s business district in the first half of the 20th Century.

The prominent location of the land parcel and distinctive architecture of the conservation building offer an excellent opportunity to create a unique high quality hotel development in the heart of the city’s business and financial district.

Interested parties can choose to bid for the site on either a 30 or 60-year lease term. For the purpose of tender evaluation, bids submitted for a 60-year lease term will be normalised to their 30-year equivalents by using the formula specified in the tender documents.