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Katong hotel site draws unexpectedly high $352.8 million top bid

Published on Jan 21, 2014 5:41 PM
 
A hotel site in Katong that contains the former Joo Chiat police station fetched an unexpectedly high top bid of $352.8 million in an eight-way contest on Tuesday, Jan 21, 2014. -- ST FILE PHOTO: MIKE LEE

A hotel site in Katong that contains the former Joo Chiat police station fetched an unexpectedly high top bid of $352.8 million in an eight-way contest on Tuesday.

The offer, which works out to $1,326 per sq ft (psf) per plot ratio, was lodged by a tie-up between Master Contract Services and Keong Hong Construction.

It outstripped consultants' expectations of up to $1,080 psf ppr and pipped the second highest bid of $1,208 psf ppr from Chip Eng Seng unit CEL Residential Development.

The 99-year leasehold plot has a gross floor area of 266,041 sq ft and is at the junction of East Coast Road and Joo Chiat Road.

 
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