URA releases Rangoon Road / Farrer Park Station Road hotel site

The 3,096.1 sqm land parcel is made available for application under the Reserve List of the 2nd half 2011 Government Land Sales Programme.

Situated above the Farrer Park MRT Station, the hotel site is expected to generate a gross floor area of about 13,004 sqm.

Under the Government’s Reserve List system, the land parcel at Rangoon Road / Farrer Park Station Road will be released for sale if the criteria for the triggering of the site are met.

The Government will put up a Reserve List site for public tender if it receives an application from a developer who commits, by signing an agreement and paying a deposit of 3% of the bid price, to bid for the site at or above the minimum price which is acceptable to the Government.

The Government will also consider launching a Reserve List site for sale if it receives sufficient market interest for the site. A site is deemed to have received sufficient market interest if more than one unrelated party submit minimum prices that are close to the Government’s Reserve Price for the site within a reasonable period.