Local developer EL Development paid $118m for the property.
In an interview with Singapore Business Review, EL Development said the site will be redeveloped into a hotel. The projected total redevelopment costs are between $320m-$360m. That brings the total value of the hotel and land to between $438m and $478m. It will have 300 rooms.
Construction is expected to start in September 2019 and end in Q3 2021. EL Development said they are still in the process of sourcing for operators and have not finalized on the concept of the hotel.
The firm noted that hotel sites in Singapore are not easily available, especially one within the central area. “Hill Street is within Singapore’s civil and cultural district and it is also near to Orchard Road, Singapore’s shopping belt and the Financial District. Hence, we find that the site has a lot of potential to attract tourists visiting Singapore for both leisure and business. Furthermore, the City Hall MRT station is mere minutes’ walk away.”
Singtel has previously gotten the provisional permission from the Urban Redevelopment Authority (URA) to redevelop its Hill Street property into a hotel.
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