URA launches the tender for the hotel site at Robinson Road/Boon Tat Street

A historically building, designed in the Neo-classical style, is included in the site near Raffles Place and Marina Bay.

The Urban Redevelopment Authority (URA) has launched the hotel site at Robinson Road / Boon Tat Street for sale via public tender on Tuesday.

The land parcel was made available for sale through the Reserve List system on 22 June 2010. On 19 October 2010, URA announced that it had received an application from a developer to put up the land parcel for tender. The developer has committed to bid at a price of not less than S$30.8 million for the land parcel on a 60-year lease term in the public tender, according to a URA report.

Land Parcel at Robinson Road / Boon Tat Street
The hotel site is located in the heart of Singapore’s Central Business District, with prominent frontage along Robinson Road and Boon Tat Street. It is within walking distance to the financial and business districts at 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 high-quality boutique hotel development in the heart of the city’s business and financial district.

To provide greater flexibility to prospective tenderers, they will be allowed to bid for the site on either a 30 or 60-year lease term. The shorter lease term can help lower upfront investment costs, if needed. 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.

Selection of the successful tenderer will be based on the tendered land price only.

For the sale of this land parcel, any tender below the accepted minimum bid price of S$30.8 million for a 60-year lease term or its 30-year equivalent of S$23.1 million for a 30-year lease term will not be considered.

The tender for the site will close at 12 noon on 5 January 2011.

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