Jurong hotel site sold for $238.2 million

PHOTO: Jurong hotel site sold for $238.2 million

SINGAPORE - The Urban Redevelopment Authority (URA) has awarded the tender for the hotel site at Jurong Town Hall Road to Tamerton Pte. Ltd.

Tamerton Pte Ltd is a wholly owned subsidiary of Resorts World Singapore (RWS).

It had submitted the highest bid of $238.2 million in the tender for the site.

Tender for the hotel site was launched on Sept 19, 2012 and closed on Nov 20. It had attracted 11 bids from major players in the industry including Ascott Holdings, City Developments and United Engineers Developments.

The land parcel was offered for sale on a 99-year lease term.