Wednesday, June 10, 2009

Fragrance Group puts in top bid of S$15.5m for hotel site at Short Street

Fragrance Assets, a unit of mainboard-listed Fragrance Group, has put in the top bid of S$15.5 million for a hotel site at Short Street.

The Urban Redevelopment Authority said it received a total of 15 bids, ranging from S$8 to S$15.5 million.

Other companies that had tendered for the site include Regal Land, Centurion Properties and Sim Lian Land.

Property consultancy CBRE said the strong response signals that hoteliers still believe in the fundamentals of Singapore as a tourist destination and its long-term ability to attract tourists.
The 99-year land parcel covers about 1,200 square metres and borders Albert Court near Little India.

That’s big enough for a 12-storey hotel.

This was the first site launched for tender from the government’s reserve list since it suspended confirmed list sales last October.

URA said it’ll evaluate the bids and announce the tender award at a later date.

Source: Channel NewsAsia, 10 June 2009

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