Hotel Site At Little India Has No Bidders

This is the first time in 7yrs that a government land sales received no bids.

The 0.9ha site at Race Course Rd received no bids when tender closed yesterday. Consultants sited reasons such as image, location, crowds, poor market sentiments, etc. Higher construction costs would also be difficult for the budget hotel plot to generate good profits.

* AsiaOne-Hotel *

*****

I thot that was a good site for a budget hotel ... ... alas, the construction costs.