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Tenders for 2 Singapore sites close with bids of up to S$562M, S$418M

The separate tenders for the hotel site at Club Street in Singapore and a residential land parcel at Kampong Java Road in the city-state respectively received bids of up to about S$562.2 million and nearly S$418.4 million at closing, according to figures provided by the Urban Redevelopment Authority.

Worldwide Hotels Group's Midtown Development Pte. Ltd. placed the top bid for the 5,121.4-square-meter hotel site, The (Singapore) Business Times reported Jan. 16, while Chip Eng Seng Corp. Ltd.'s CELH Development Pte. Ltd. subsidiary submitted the highest offer for the 11,643.2-square-meter residential plot.

The Club Street property with a maximum permissible gross floor area of 24,310 square meters attracted eight tenderers. On the other hand, the Kampong Java Road plot with a maximum permissible gross floor area of 32,601 square meters secured seven bids.

Each of the two plots has a lease period of 99 years, the government agency noted, adding that the final result of the auctions will be announced once all the bids have been evaluated.

As of Jan. 15, US$1 was equivalent to S$1.36.