By Kristie Neo | Posted: 04 December 2012 2248 hrs

SINGAPORE

A 99-year leasehold ‘white site’ with a minimum hotel component at Thomson Road/Irrawaddy Road received a total of 9 bids at the close of tender on Tuesday.

A white site is a site in which a variety of uses are allowed. The developer will possess the flexibility to decide on the mix of uses and respective amount of floor space dedicated for each use, as long as the total allowed Gross Floor Area (GFA) for the entire development is not exceeded.

According to a statement by the Urban Redevelopment Authority (URA), the top bid of S$492.5 million was placed by a consortium comprising Hoi Hup Realty, Sunway Developments and Hoi Hup J.V.Development.

Based on the maximum permissible GFA of 28,043 square metres, the bid works out to about S$17,562.32 per square metre of gross floor area (PSM of GFA).

The top bid came in at about 10.7 per cent higher than the second highest bid, which came from another consortium comprising Swift One, Swift Two and Taipan Trustee.

Originally on the Reserve List of the Government Land Sales programme, the site was launched for public tender on 4 October 2012.

– CNA/jc