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Following a second attempt at a collective sale, Golden Wall Centre (pictured) has finally been sold to Worldwide Hotels subsidiary City View Holdings for $276.2 million, or $2,331 psf per plot ratio (psf ppr).
Marketing agent Edmund Tie & Company (ET&Co) revealed that the Urban Redevelopment Authority has approved an application for hotel use at the existing approved gross floor area of 11,007.929 sq m, which reflects an equivalent plot ratio of 4.88.
“With its strategic city fringe location, prominent triple frontage and proximity to the arts, heritage and cultural districts, Golden Wall Centre is ideal for a hotel development,” said ET&Co senior director of investment advisory Swee Shou Fern.
The freehold commercial property sits on a 2,251.9 sq m site zoned commercial under the 2014 Master Plan.
It enjoys seamless accessibility to the nearby Rochor MRT station on the Downtown Line and is also close to Little India MRT interchange. The property also occupies a prominent corner plot with a 180-metre triple frontage along the main thoroughfare of Albert Street, Short Street and Rochor Canal Road.
“Situated within the Beach Road/Ophir-Rochor Corridor which is envisioned to be a vibrant mixed-use cluster under Master Plan 2014, Golden Wall Centre stands to benefit from the ongoing rejuvenation and transformation of the area. Such transformations can be exemplified with new developments such as DUO and Tekka Place – a retail mall with 320 serviced residences directly opposite the property,” noted ET&Co.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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