Golden Development acquires Gopeng Street site

A hotel site at the junction of Gopeng Street and Peck Seah Street has been awarded to Golden Development Private Limited, after it offered the highest bid of S$194.77 million in a public tender that closed on January 11.

The 99-year leasehold site was put up for sale on November 15, under the reserve list system, after the URA accepted an application from a developer who committed to bid not less than S$94.045 million.

Located within the Tanjong Pagar area, it has a total site area of 2,311.4 sq m and a maximum permissible gross floor area (GFA) of 19,416 sq m. The site is situated in a prominent gateway leading directly into the main financial and business areas of Marina Bay, Raffles Place and Shenton Way. It is also home to several hotels like Berjaya Hotel, The Scarlet, M Hotel and Amara Hotel, serving tourists and the business community in the area.