The hotel would be developed into a 6-storey, 115-room site.
A freehold hotel development site at Orchard Road precinct has been put on sale via Expression of Interest until 16 October, with its owner private equity firm Lucrum Capital seeking offers in excess of $155m, according to a press release.
JLL Hotels & Hospitality Group senior vice president Adam Bury noted that there has not been any transacted freehold hotel sites around Orchard Road since Grand Park Orchard in 2013. JLL and Cushman & Wakefield were retained as joint exclusive advisors on the sale.
Located along Killiney Road, the site occupies a land area of 13,148 sqft with a gross plot ratio of 2.8. Provisional permission has been given to rezone it for “Hotel” use.
Subject to final approvals, the proposed hotel would be developed into a six-storey, 115-room site with a street frontage restaurant on the ground floor. The development would yield a total gross floor area of about 40,000 sqft.
“The current design proposal for this hotel development features a contemporary urban lifestyle living space with a nightlife concept,” Cushman & Wakefield Singapore executive director for capital markets Shaun Poh said.
The site is located near Somerset MRT Station and Orchard Road, as well as the Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP), Raffles Place and Changi International Airport.
With the rezoning, foreigners can purchase with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed.
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