Business

Killiney Road freehold hotel site on sale for at least $155m

A Killiney Road freehold hotel development site is up for sale, with the owner seeking at least $155 million.

The plot in the Orchard Road area has a land area of 13,148 square feet with a gross plot ratio of 2.8, and provisional permission to be rezoned for hotel use.

Foreigners are eligible to buy the site with no additional buyer's or seller's stamp duty imposed.

A hotel could be six storeys with around 115 rooms and a street frontage restaurant, said Cushman & Wakefield and JLL's Hotels & Hospitality Group, the joint advisers for the sale.

The development would yield a total gross floor area of about 40,000 sq ft.

The site, which is owned by private equity firm Lucrum Capital, is a three-minute walk from Somerset MRT station and Orchard Road, with plenty of food and beverage and lifestyle offerings nearby, including Orchard Central and TripleOne Somerset.

It will also benefit from government plans for Orchard Road, which include new retail concepts, attractions and events.

The sale exercise closes at 3pm on Oct 16.

Interest in hotels and hotel land has risen significantly over the past year or so, said the joint advisers.

The most recent government land sale of a Club Street hotel site drew eight bids and a top offer of $562.2 million, a record price for 99-year leasehold land at a state tender.

Recent freehold hotel land transactions include Min Yuan Apartments for $141 million, Golden Wall Centre at $276.2 million and the $131 million Waterloo Apartments.

A Mou

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