Havelock Road hotel site up for sale for at least $18m
A plum hotel site at Havelock Road was put up for sale by the Urban Redevelopment Auhtority on Wednesday, after an unnamed developer offered a minimum bid of $18 million for the plot earlier this month.
This works out to about $780 per sq ft (psf) per plot ratio (ppr).
The 16,535.5 sq ft site, with a maximum permissible gross floor area (GFA) of 23,088.6 sq ft, was made available on the reserve list on Jun 27.
The plot currently houses three conserved warehouse buildings, to be restored for use as a hotel by the successful bidder. The development will also sit near a cluster of hotels, including The Gallery Hotel and The Grand Copthorne Waterfront Hotel.