Wednesday, April 18, 2012

Little India hotel site draws $151m top bid

traits Times: Wed, Apr 18
TEN bidders have signalled their optimism about the thriving tourism sector by throwing their hats into the ring for a hotel site in Little India.


The top bid for the plot, at the corner of Rangoon and Farrer Park Station roads, was lodged by RB Capital Robertson City and RB Capital Farrer.


The consortium bid $151 million, or $1,078.80 per sq ft per plot ratio (psf ppr) for the 99-year leasehold site, which has an area of 3,096.1 sqm and is a stone's throw away from Race Course Road. That is well above market forecasts.


Taipan Trustee, a trustee of Regalis Hotel Trust, was next with $141.1 million, or $1,008 psf ppr...

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