URA awards East Coast Road hotel site to top bidders Master Contract and Keong Hong
The top bidders for a site along East Coast Road that used to house the former Joo Chiat police station have won the tender.
Master Contract Services and Keong Hong Construction, who put in the joint bid, were awarded the hotel site by the Urban Redevelopment Authority (URA) under the Government Land Sales (GLS) programme.
They submitted the highest bid of $352.8 million for the 99-year leasehold site in the tender that closed on Tuesday.
This works out to be $1,326 per sq ft per plot ratio (psf ppr) for the parcel with a gross floor area of 266,041 sq ft.