URA to launch tender for Victoria Street site
The 30,997-sqm may be developed to a hotel or commercial and residential development.
In a release, the Urban Redevelopment Authority (URA) announced today that it has accepted an application from a developer to put up the site at Victoria Street / Jalan Sultan for sale by public tender.
The land parcel was made available for sale through the Reserve List system on 25 April 2007. URA received an application from a developer for the site to be put up for public tender. The developer committed to bid at a price of not less than $148,688,550 in the tender for the land parcel. As the minimum price committed by the developer is acceptable to the Government, the site will be released for sale by public tender.
In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site. However, the identity of the applicant will not be released. URA will launch the public tender for the site in about two weeks. The launch date will be announced later. The tender period for the land parcel will be about eight weeks.
With a site area of about 0.84 ha, the site will have a maximum permissible gross floor area (GFA) of 30,977 sqm. Under the tender conditions, the successful tenderer is given the option to develop the site for a hotel or commercial & residential development.
The land parcel is located in proximity to two Historic Districts of Singapore – the Kampong Glam Historic District and Little India Historic District. With Lavender MRT Station nearby, the site enjoys easy access to all parts of the island including the shopping and entertainment precincts in Orchard Road and Bras Basah.Bugis area.