Tuesday, June 26, 2012

URA releases hotel site at East Coast Road on the Reserve List

26 June 2012
URA releases hotel site at
East Coast Road on the Reserve List

The Urban Redevelopment Authority (URA) has released the detailed sales conditions for the hotel site at East Coast Road today.

The land parcel at East Coast Road is made available for application under the Reserve List of the 1st half 2012 Government Land Sales (GLS) Programme.

Land Parcel at East Coast Road



The land parcel is prominently located at the junction of East Coast Road and Joo Chiat Road, an area lined with conserved shophouses with many eateries and shops. The future hotel development will add to the vibrancy of this conservation area which comprises an interesting mix of old-and-new developments.

With a land area of 0.8 ha, the hotel site is expected to generate a gross floor area of about 24,716 m2. The land parcel contains the historically and architecturally significant former Joo Chiat Police Station (see photograph in Annex 1), which is to be conserved and restored as part of the hotel development. Built in 1920s, with a high pitched roof, the symmetrical low-rise building has a prominent frontage onto East Coast Road. It is well proportioned with key facades sensitively composed. The inclusion of this stately building within the site will add a unique charm to the future hotel development.

Other Details

Details of the land parcel and its location plan are given in Annex 2 and Annex 3. More details on the land parcel are available on URA website at
http://www.ura.gov.sg/sales/EastCoast/MA/ECR-intro(MA).html

Under the Government’s Reserve List system, the land parcel at East Coast Road will be released for sale if the criteria for the triggering of the site is met1. When the site is put up for tender, a tender period of about 6-8 weeks will be allowed before tender closes.
1 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.

View the original article here

Source From URA

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