More Hotel Plots For Sale Next Year!

Dec 7, 2007

RESPONSE TO TOURIST BOOM: More hotel plots up for sale next year

TEN hotel sites will be made available next year to meet demand from the fast-growing tourism sector.

Three are new sites in the Government's land sales programme for next year, while the others are carried over from last year's programme, said the Ministry of National Development yesterday.

One of the new sites is between Balestier Road and Ah Hood Road, near the Sun Yat Sen Nanyang Memorial Hall. It had been put up for sale before but there were no takers, so the Government enlarged the parcel to include a park and an adjacent land plot.

The other two new sites are downtown. One is at the corner of Gopeng and Peck Seah Streets, and can host 330 hotel rooms. The other is at the corner of Clemenceau Avenue and Havelock Road, and can accommodate 260 rooms.

The Balestier Road site, which can hold 675 rooms, is on the confirmed list and will be released in March. The only other hotel site on the confirmed list is at the junction of Race Course and Bukit Timah Roads. It will be launched for sale in February.

All the other hotel sites on sale, including the Gopeng Street and Clemenceau Avenue plots, are on the reserve list. This means they will not be launched for tender until a developer puts in an acceptable bid.

The other reserve list plots are at Victoria Street, New Bridge Road, Kallang Road, Jalan Bukit Merah, Jalan Besar and Bernam Street.

Source: The Straits Times

As an aside: my own analysis preceded news of the development of the Ophir-Beach Rd development.. that I was left speechless for a while. And now this: the planned hotel site at Race-Course road - Bukit Timah is just adajcent to Serangoon Rd. And another potential hotel site at Sturdee Road itself. And hence, you have the South Corridor perfectly branching out from the Financial Centre, Orchard Road -Remake to now: developement of the South-Corridor.

What does it all say? For the short term barring anything else, demand will be more than supply. But for the medium term, supply is more than enough. The only caveat is, what else: the US sub-prime problem, rising oil price...