THE Urban Redevelopment Authority (URA) on Tuesday launched a hotel site at Robinson Road/Boon that Street for sale by a public tender.

The land parcel was made available for sale through the Reserve List system on June 22.

The URA said that it has received an application from a developer to put up the land parcel for tender on Oct 19.

The developer has committed to bid at least $30.8 million for the 60-year leaasehold parcel in a public tender.

To provide greater flexibility to prospective bidders, the URA has allowed bids to be on either a 30 or 60-year lease term. The selection of the successful bidder will be based on the tendered land price only.

The hotel site is located in the Central Business District and it is within walking distance to the Tanjong Pagar MRT station.

The land parcel includes an historically and architecturally significant conservation building, designed in the Neo-classical style.

'The location of the land parcel and distinctive architecture of the conservation building offer an excellent opportunity to create a high-quality boutique hotel development,' said a statement from the URA.

Hotel site in CBD for tender