Top bid for East Coast Rd hotel site - a cool $352.8m
A CONSORTIUM formed by Master Contract Services and Keong Hong Construction has emerged as the highest bidder for the 99-year leasehold hotel site housing the former Joo Chiat police station in East Coast Road.
It beat seven other bidders in the tender that closed yesterday, with a top bid of $352.8 million, or $1,326.11 per square foot per plot ratio (psf ppr).
This was around 9.8 per cent higher than the second-highest offer of $321.3 million, or $1207.71 psf ppr, put in by CEL Residential Development.
It also outstripped consultants' expectations of up to $1,080 psf ppr.
The site was triggered from the reserve list in November, after an unnamed developer committed to a bid of at least $160 million, or $601.41 psf ppr, for the plot of about 0.82ha, which has a maximum gross floor area of some 266,000 sq ft.
The lowest bid in the tender came from GP Hotel Equity, which offered $168 million, or $631.48 psf ppr.
The site could yield around 600 rooms.
THE BUSINESS TIMES