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Nestled within Singapore’s main tourism belt, the property is a three-minute walk away from Orchard Road and accessible via the Central Expressway, East Coast Parkway and Pan Island Expressway.
A freehold hotel development site at the Orchard Road precinct has been put up for sale via expression of interest (EOI), with owner, Lucrum Capital, seeking offers above $155 million.
Situated along Killiney Road, the site sits on a land area of 13,148 sq ft with a 2.8 gross plot ratio, revealed joint advisers Cushman & Wakefield and JLL’s Hotels & Hospitality Group.
They added that provisional permission has been secured to rezone the site for “hotel” use. Subject to the approval of relevant authorities, the proposed hotel would have 115 rooms spread across six storeys with a street frontage restaurant at the ground floor. The development is expected to yield a total gross floor area of around 40,000 sq ft.
Nestled within Singapore’s main tourism belt, the property is a three-minute walk away from Orchard Road and the Somerset MRT Station, and is accessible via the Central Expressway (CTE), East Coast Parkway (ECP) and Pan Island Expressway (PIE).
It is just a 23-minute and nine-minute drive to Changi International Airport and Raffles Place, respectively.
“Freehold hotel sites in or around Orchard Road are incredibly rare, with no such sites having been transacted since Grand Park Orchard in 2013,” said Adam Bury, senior vice president, JLL Hotels & Hospitality Group.
“As the Singapore hotel market continues to boom, seeing record occupancy levels on the back of sustained visitor arrival growth, we see this as an excellent opportunity to access the Singapore market.”
During the past 12 to 18 months, interest for hotel land and hotels has grown significantly in the country.
The latest government land sale of the Club Street hotel garnered eight bids and a highest bid of $562.2 million, which worked out to $2,149 per square foot per plot ratio. It was a record setting price for a 99-year leasehold site at a state tender.
As the site may be rezoned for hotel use, foreigners are now eligible to acquire the property with no Seller’s Stamp Duty (SSD) and Additional Buyer’s Stamp Duty (ABSD) payable.
The EOI exercise for the site closes on 16 October.
Agnes Ong at PropertyGuru, edited this story. To contact her about this or other stories, email agnes.ong@propertyguru.com.sg
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