GuocoLand says the tender submitted by its wholly-owned subsidiaries, Belmeth, Perfect Eagle and Guston, for a land parcel at Peck Seah Street/Choon Guan Street has been accepted by the Urban Redevelopment Authority at a bid price of $1,708,080,000.

The 99-year leasehold site has a land area of 15,022.6 square metres with an gross floor area (GFA) of 157,738 square metres and a permissible building height of 280 metres above mean sea level. The site occupies a prime location in the Tanjong Pagar area within the Central Business District, and fronts onto a key road junction between several major arterial roads – Maxwell Road, Cecil Street and Anson Road / Robinson Road, offering prominent street frontage and a high degree of visibility for the development on the site.

GuocoLand says it intends to develop the site into an eco-friendly mixed-use development, comprising at least 60% office and 10% hotel with the remaining GFA is for permitted uses such as residential, retail in accordance with the URA’s tender conditions.

The development on the site will command panoramic views of the city skyline and across the Central Business District to the Marina Bay area. The site also enjoys a direct frontage onto Tanjong Pagar Park.

The acquisition and development of the site will be financed from internal resources and borrowings.