The Urban Redevelopment Authority (URA) has accepted an application from a developer to put up a Victoria Street / Jalan Sultan land parcel for sale by public tender.
URA said in a media statement that it had 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 $148,688,550 in the tender for the land parcel. The site will be released for sale by public tender as the minimum price committed by the developer is acceptable to the Government.
The land parcel has a site area of about 0.84 ha and will have a maximum permissible gross floor area (GFA) of 30,977 sqm.
Under the tender conditions, the successful tenderer is given the option to develop the site for a hotel or commercial & residential development.
The land parcel is located near Kampong Glam Historic District and Little India Historic District.
It is also near Lavender MRT Station, with easy access to Orchard Road, Bras Basah and Bugis areas.
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.