The URA has received two bids for the 99-year leasehold hotel site at Sinaran Drive.

The URA has received two bids for the 99-year leasehold hotel site at Sinaran Drive.

The top bidder, Glory Realty, offered S$131.1 million or S$501 per square foot per plot ratio.

According to property agents CB Richard Ellis, this was close to the highest bid placed by Republic Hotels & Resorts Limited for a hotel site at Mohamed Sultan Road last year.

Meanwhile, CBRE Research said that in view of the location, the top bid received was an indication of the buoyant interest in the hotel market.

With its proximity to Thomson Medical Centre and Tan Tock Seng Hospital, the site is seen as suitable for a hotel catering to the growing medical tourist market.

Source: Channel NewsAsia, 16 January 2007