Singtel-owned hotel development site up for grabs

Similar sites in the area are rare, with the last one being sold in 2016.

A prime site in 15-33 Hill Street Singapore with a redevelopment permit has been launched for public tender, CBRE revealed.

According to a press release, the site which is owned by Singtel can be redeveloped into a hotel property.

The site comprises of two land plots with a combined land area of 39,738 sqft. The maximum allowable gross floor area (GFA) is approximately 139,084 sqft.

It is offered for sale based on a 99-year leasehold tenure and the differential premium for a change of use and lease top-up premium will apply.

CBRE Capital Markets director Galven Tan said, “Hotel development sites in the Central Area are rarely available. The last hotel site that was sold was along Cuscaden Road. The sale in 2016 achieved a land price of $2,145 psf ppr.”

The public tender will close on 13 December 2017 at at 3 p.m.