16 November 2011
URA releases hotel site at
Rangoon Road / Farrer Park Station Road on the reserve list
The Urban Redevelopment Authority (URA) has released the detailed sales conditions for the hotel site at Rangoon Road / Farrer Park Station Road today.
The land parcel at Rangoon Road / Farrer Park Station Road is made available for application under the Reserve List of the 2nd half 2011 Government Land Sales (GLS) Programme.
Land Parcel at Rangoon Road / Farrer Park Station Road
With a land area of 0.3 ha, the hotel site is expected to generate a gross floor area of about 13,004 m2.
The hotel site is located at the gateway to the thriving Historic District of Little India which is rich with heritage and home to many traditional shophouses with interesting crafts. Conveniently situated above the Farrer Park MRT Station, the future hotel development will enjoy easy access to the Central Business District at Raffles Place and Marina Bay.
Other Details
Details of the land parcel and its location plan are given in Annex 1 and Annex 2. More details on the land parcel are available on URA website at http://www.ura.gov.sg/sales/RangoonFPk/MA/RgnFP-intro(MA).html
Under the Government’s Reserve List system, the land parcel at Rangoon Road / Farrer Park Station 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 4 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.