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The tender for a 99-year leasehold hotel site at East Coast Road has been awarded to the consortium comprising Master Contract Services and Keong Hong Construction, which submitted the top bid of S$352.8 million or S$1,326 psf in a tender exercise that closed on 21 January.
The 0.8ha site, which comes with a gross floor area of 266,040 sq ft, was made available for tender in November after it received from a developer a minimum bid S$160 million or S$601.41 per sq ft.
Located at the junction of East Coast Road and Joo Chiat Road, the site currently houses the historically and architecturally significant former Joo Chiat Police station which will be restored as a part of the future hotel development.
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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