A
hotel site at the junction of Victoria Street and Ophir Road has been made
available for application under the reserve list of the Government Land Sales
(GLS) Programme.
The
site (formerly Victoria Street Wholesale Centre), is a 99-year leasehold plot,
and is about 82,057.5 square feet. It has a maximum permissible gross floor
area of about 344,649.3 sq ft. The maximum building height for the development
is 20 storeys.
Most
consultants said they expected the site to be triggered when it was added to
the H2 2012 GLS reserve list earlier this year.
The
top bid for the recent Jurong Town Hall Road hotel site was $1,167 psf ppr, and
another close by Victoria Street/Ja- lan Sultan site was $994 psf ppr.
The
tender for the site on Jurong Town Hall Road closed earlier this month, and
drew a record top bid on a per-square-foot basis for a hotel site here.
The
bid was submitted by Tamerton, a subsidiary of Genting Singapore, which
tendered $238.2 million for the 97,164.7 sq ft plot near Jurong Country Club.
The
land parcel is located near the Ophir-Rochor Corridor, a new growth area
envisioned to become a mixed-use cluster with office, hotel, retail,
entertainment and residential uses. It is close to the main Bugis shopping
area, the Kampong Glam Conservation Area, and the upcoming mixed development
DUO by M+S Pte Ltd, which comprises hotel, Grade A office, residential and
retail uses.
It
is situated a short walking distance from the existing Bugis MRT Station and
the upcoming Bugis Downtown Line that is slated to be ready next year.
Source: Business Times –1 December 2012
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