A prime hotel site at Havelock Road was launched for sale by public tender today, revealed the Urban Redevelopment Authority (URA).
The land parcel had earlier been released from the reserve list of the Government Land Sales (GLS) Programme after a developer submitted a minimum bid of S$18 million.
With an area of 16,535.5 sq ft and a maximum permissible gross floor area (GFA) of 23,088.6 sq ft, that price translates to about S$780 psf per plot ratio.
The site is located along the Singapore River and is close to several hotels.
Currently, it comprises three conserved warehouses which are likely to be restored and converted into a boutique hotel.
The tender exercise closes on 12 November.
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email email@example.com