Worldwide Hotel Group unit places record bid for rare hotel site after cooling measures

Editor's note: We have corrected an earlier version of Bloomberg's story to say Midtown Development is a subsidiary of Worldwide Hotel Group, and not Oxley as previously stated

(Jan 16): A rare plot of land that’s zoned for a hotel near Singapore’s central business district has attracted a record bid as developers shift focus after last year’s property cooling measures.

Midtown Development, a subsidiary of Worldwide Hotel Group, bid $562.2 million for the site, the highest among eight offers received, the Urban Redevelopment Authority said Tuesday. The land adjacent to Club Street, an area known for its bars and restaurants, is the first such plot released by the government in five years. At $2,148.50 per square foot, that sets a new benchmark for hotel sites, Nicholas Mak at ZACD Group said.

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