New Changi Hotel site up for sale by tender

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Business Times - 24 Feb 2011

New Changi Hotel site up for sale by tender

NEW Changi Hotel, a freehold redevelopment site on Changi Road, has been put up for sale by public tender with a guide price of $61.8 million.

Marketing agent Knight Frank said in a press statement yesterday that the strata-titled development sits on a land area of nearly 2,456 square metres, or about 26,433 square feet.

The site, zoned 'hotel' in the 2008 Master Plan, has the potential to be rezoned to 'commercial' with a plot ratio of 3, subject to approval from the relevant authorities.

On this basis, the $61.8 million guide price translates to a land price of $781 per sq ft, based on the potential gross floor area of roughly 79,299 sq ft.

Knight Frank said the New Changi Hotel is located in an area with a good mix of both residential developments and commercial projects including boutique offices, hotels and shopping complexes.

It is close to the future Paya Lebar Central, a commercial hub to be developed outside the city centre as part of the Urban and Redevelopment Authority's (URA) decentralisation strategy to provide alternatives for businesses and jobs closer to homes.

Ian Loh, Knight Frank's associate director of investment, says that over the past four months, there has been a flurry of activity in districts 14 and 15, with over $700 million worth of deals being concluded. These include Lion City Hotel, Singapura Theatre, Paramount Hotel and Marine Point.

He expects keen interest from developers in the site, which has obtained 100 per cent consent from the owners. The tender will close on March 30 at 3pm.

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