Katong hotel site draws unexpectedly high $352.8 million top bid
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.