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Chiu family is top bidder for New Bridge Road Hotel Site

Posted on 5 Sep 2009 | Comments Off

THE Chiu family of Hong Kong that used to run the former Tang Dynasty City attraction in Jurong is poised to make a comeback on the Singapore hospitality scene.

A unit linked to the family emerged as top bidder yesterday in a state tender for a 99-year leasehold hotel site at New Bridge Road, near Outram Park MRT Station, Pearl’s Centre and Singapore General Hospital (SGH).

The top bid of about $67.7 million works out to almost $401 per sq ft (psf) of potential gross floor area.

Dennis Chiu, a director of Leedon Investments, which placed the highest bid, told BT the group hopes to develop a boutique business hotel with about 300-400 rooms.

The development cost could be in the order of $400,000 to $500,000 a room, he said. Details were still being worked out.

A spokeswoman for the group said construction costs for the hotel could be around $70-80 million.

The proposed hotel will be linked to the current exit on the site linked to Outram Park MRT Station. Continue reading →

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Posted in Property Market / Real Estate

Tagged Land Sales, Singapore Hotels

Confirmed land sales poised for comeback

Posted on 3 Sep 2009 | Comments Off

Mah says govt may bring confirmed list back next year as demand returns

There is a ‘definite possibility’ that the government will re-introduce land sales through its confirmed list system from next year, Minister for National Development Mah Bow Tan said yesterday.

Skygarden: Mr Mah yesterday launched the final skybridge at the Pinnacle @ Duxton, the tallest HDB project

Right now, it is ‘a question of how much we put on the confirmed list’, he added.

Mr Mah was speaking to reporters at the launch of the final skybridge at the Pinnacle @ Duxton, Singapore’s tallest public housing project. The project will be completed in December 2009.

Sale of state land under the confirmed list was suspended for the first half 2009 Government Land Sales (GLS) Programme to help stave off oversupply risk as the property market here was then on a downtrend.

Instead, state land was only made available under the ‘reserve’ list system for H1 2009 and H2 2009.

Under the reserve list system, the government releases a site for sale only if an interested party submits an application with a minimum price that is deemed acceptable.

By contrast, land parcels under the confirmed list will be tendered according to scheduled dates – which could translate to more residential property launches. Continue reading →