Hotel site sales postponed

Hotel site sales postponed

SINGAPORE (Reuters): Singapore's Urban Redevelopment Authority (URA) said yesterday it was postponing the sale of two hotel sites to beyond this year.

The sales were originally scheduled for this month.

The URA noted in a statement announcing the postponement that the Singapore Tourism Promotion Board expected growth in tourist arrivals to be affected by regional currency and stock market turmoil, as well as by the haze problem.

Singapore and other countries in the region were hit by smog in August through October caused by fires in Indonesia.

"With the sale of two URA hotel sites...earlier this year, enough land has been released for hotel development this year to meet the needs of the tourism industry," the URA said.

"A review will be conducted early next year on whether the sites will be sold next year," it said.