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Thread: URA releases hotel site at Rangoon Road/Farrer Park Station Road on the reserve list

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    Default URA releases hotel site at Rangoon Road/Farrer Park Station Road on the reserve list

    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.

  2. #2
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    Another hotel 81 or fragrance hotel in the making?

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    Quote Originally Posted by azeoprop
    Another hotel 81 or fragrance hotel in the making?
    If you read the details, it is not.

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    No meet reserve price no sell as usual. But I'll be curious who are the keen bidders.

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    3 February 2012

    URA to launch the tender for the Reserve List site
    at Rangoon Road / Farrer Park Station Road

    The Urban Redevelopment Authority (URA) announced today that it has accepted an application from a developer to put up the hotel site at Rangoon Road / Farrer Park Station Road for sale by public tender. The land parcel was made available for sale through the Reserve List system on 16 November 2011. 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 $56,500,000 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.

    Details of the land parcel

    With a land area of about 0.3 ha, the hotel site is expected to generate a gross floor area of about 13,004 m2.
    The land parcel 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 Farrer Park MRT Station, the future hotel development will enjoy easy access to the Central Business District at Raffles Place and Marina Bay. 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 the URA website at http://www.ura.gov.sg/sales/RangoonFPk/MA/RgnFP-intro(T).html

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    Quote Originally Posted by azeoprop
    Why v3. Which was v2?

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    v2.0 is Fortuna Hotel built in 1991 on the exact site.
    http://www.fortunahotel.com.sg/

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    Quote Originally Posted by azeoprop
    v2.0 is Fortuna Hotel built in 1991 on the exact site.
    http://www.fortunahotel.com.sg/
    Oh thought you meant City Square Residences which preserved the original New World 新世界gate...

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    17 April 2012

    Tender closing for Hotel Site
    at Rangoon Road / Farrer Park Station Road

    The Urban Redevelopment Authority (URA) closed the tender for the hotel site at Rangoon Road / Farrer Park Station Road today.

    The site at Rangoon Road / Farrer Park Station Road was launched for public tender on 16 February 2012. It was originally on the Reserve List of the Government Land Sales Programme. URA had, on 3 February 2012, accepted a successful application for the site to be put up for sale. The site was offered for sale on a 99-year lease.

    Please see Annex A for details of the site and tender bids received.
    This is not an announcement of tender award. A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.

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    23 April 2012

    Award of Tender for Hotel Site
    at Rangoon Road / Farrer Park Station Road

    The Urban Redevelopment Authority (URA) has awarded the tender for the hotel site at Rangoon Road / Farrer Park Station Road to RB Capital Robertson City Pte. Ltd. and RB Capital Farrer Pte. Ltd. The consortium submitted the highest bid in the tender for the site.
    The tender for the hotel site was launched on 16 February 2012 and closed on 17 April 2012. The land parcel was offered for sale on a 99-year lease term. Details of the awarded land parcel and the successful tenderer are provided below:

    http://www.ura.gov.sg/pr/text/2012/pr12-43.html

  13. #13
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    This area HUAT non stop since announcement of Connexion

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    http://www.businesstimes.com.sg/arch...rk-mrt-station

    Published April 18, 2012

    Record top bid for hotel site on Farrer Park MRT station

    By Kalpana Rashiwala


    [SINGAPORE] Kishin RK's RB Capital group has made a record top bid for a 99-year leasehold hotel plot in Little India above the Farrer Park MRT Station.

    Its bid of $151.005 million or $1,078.81 per square foot per plot ratio (psf ppr) is slightly higher than the $1,072.44 psf ppr that his cousin Bobby Hiranandani paid for the Ogilvy Centre site at Robinson Road in January 2011. However that price was based on a 60-year leasehold tenure for the landmark conservation building opposite Lau Pa Sat which is now being transformed into a Sofitel So hotel.

    To compare the latest tender result for the Farrer Park site with a vacant 99-year hotel land parcel, some market watchers suggest one could look at the $938.21 psf ppr paid by City Developments for a Robertson Quay plot in March 2011.

    RB Capital's top bid was also nearly 2.7 times the minimum $56.5 million or $403.65 psf ppr minimum price undertaking given by an unnamed party that successfully applied for the site's release from the government's reserve list.

    Yesterday's tender drew 10 bids.

    The top bid was about 7 per cent above the second highest offer of about $1,008 psf ppr from The Ascott Holdings unit Taipan Trustee.

    The 33,326 sq ft site - at the corner of Rangoon and Farrer Park Station roads - can be developed into a maximum gross floor area (GFA) of nearly 140,000 sq ft, of which at least 60 per cent must be for hotel and hotel-related uses. The balance 40 per cent can be for other complementary uses such as retail, office, medical suites and serviced apartments.

    "This is one of the very few hotel sites on top of an MRT station," Mr Kishin said last night. "Little India is one of the strongest hotel submarkets in Singapore enjoying very high occupancies, usually above 90 per cent, but there's a dearth of international hotel brands in the vicinity that also have a strong presence in India - where the captive audience for a hotel in this location will come from."

    RB Capital will negotiate with an operator to manage the proposed Farrer Park hotel.

    Mr Kishin points to an upward re-pricing of Singapore hotel rooms over the the past year to $800,000 and above per key in the four-star segment and $1 million and above in the five-star category.

    RB Capital is planning a four-star hotel as well as a retail component for the Farrer Park site but it is still weighing various schemes. "We could have 300 to 500 keys for the hotel, depending on the size of the retail component."

    However, market watchers suggest medical suites could also surface in the project - given that strata medical suites at the Connexion project across the road have been fetching well above $3,000 psf.

    Mr Kishin added that the proposed Farrer Park project will contribute to the pipeline of properties for RB Capital's proposed hospitality vehicle which could potentially be listed on the Singapore bourse.

    In London, RB Capital is said to be one of a couple of parties shortlisted to acquire a portfolio of 42 Marriott hotels in the UK being offered by RBS.

    RB Capital currently has two other hotels under development - at Clemenceau Avenue in Singapore and another in Kuala Lumpur. Both will be managed by InterContinental Hotels Group under the Holiday Inn Express brand.

    At yesterday's tender, Mr Kishin's cousin Bobby bid $91.2 million or $651.55 psf ppr through Equal Holding, placing him in eighth position.

    Other bidders include Roxy-Pacific unit RP Assets, in third place with a bid of about $857 psf ppr. Hotel 81-linked Forward Land was fourth, bidding $814 psf ppr.

    A unit of Hongkong-based Harilela group cast the fifth highest bid, about $802 psf ppr. The group owns the Holiday Inn at Cavenagh Road.

    Property and hospitality giant Far East Organization and its listed unit Orchard Parade Holdings bid about $656 psf ppr. The lowest bid of $470.80 psf ppr was from Race Course Development, whose shareholders are Tan Suat Hua and Tan Sek Khee.

    The former was one of the original shareholders of Singapore Healthpartners Pte Ltd (now known as The Farrer Park Company), the developer of Connexion, which will have a hospital, medical centre and hotel.

    The group paid about $265.3 million or $430.65 psf ppr for its site in 2007. The plot was sold as a white site (hotel, commercial, residential and hospital use allowed) with at least 40 per cent of the maximum GFA for hotel use.

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