Source : Channel NewsAsia – 25 Jun 2009

The government will launch a tender for a hotel site at New Bridge Road in two weeks’ time, after a developer committed to at least S$43,888,888 for the land parcel.

The site is under the Reserve List of the Government Land Sales programme.

It has an area of about 0.45 hectares and will be able to generate a maximum permissible gross floor area of about 15,687 square metres with a lease period of 99 years.

The site is located within the Chinatown Historic District, and can be developed into a boutique hotel.

Under the Reserve List system, a site will be put up for sale only if a developer commits to bid at or above the minimum price which is acceptable to the government.