Hotel site draws 13 bids

A hotel site situated at the junction of Havelock Road and Clemenceau Avenue has proven to be a top draw, attracting 13 bids, with a top bid that was almost double what many analysts had predicted two months ago.

The highest bid for the 5,502.1 sq m, 99-year leasehold site came from RB Capital Hotels Ltd., offering $101.1 million, or $813 psf ppr.

This was followed by Far East Organization (FEO), with a bid of $96 million or $772 psf ppr.

RB Capital's bid was only 5 percent higher than FEO’s bid.

The third-highest bid came from Leisure Inn Hotels, followed by Republic Hotels and Resort and Trident Development Ltd., while the lowest bid was submitted by Hoi Hup Realty at $50.1 million or $402 psf ppr.

The decision on the award of the tender will be announced after an evaluation of all the bids has been made.