Rare Hotel Development Site in Heart of Singapore’s Civic and Cultural District
15-33 Hill Street For Sale By Public Tender
Singapore, 14 November 2017 – CBRE is pleased to announce the launch of the public tender of 15-33 Hill Street, Singapore.
Owned by Singapore Telecommunications Limited (Singtel), the prime site has been granted Provisional Permission for redevelopment into a Hotel development with a plot ratio of 3.5. The sites are currently zoned “Utility” on Masterplan 2014.
Comprising 2 adjoining land plots, Lots 9K and 99P of TS 10, with a combined land area of approximately 39,738 sq ft. The maximum allowable Gross Floor Area (GFA) is approximately 139,084 sq ft. The sites are offered for sale based on a 99-year leasehold tenure and the differential premium for change of use and lease top up premium will apply.
Strategically located in the heart of Singapore’s Civic and Cultural District, the subject site is close to a plethora of prominent historical landmarks such as the National Museum and St Andrew’s Cathedral, upscale shopping malls such as Capitol Piazza and Raffles City, and entertainment venues including Clarke Quay and Marina Bay Sands. The future development will be able to offer guests panoramic views of Marina Bay, Fort Canning and the Civic District.
The site is adjoining luxury hotels such as The Patina, Capitol Singapore on one side, and is two doors away from the five-star Grand Park City Hall. It is also located in an area fast becoming “young and hip” with a strong entrepreneurial and start-up vibe with universities, incubators and co-working spaces coming up.
Galven Tan, Director, Capital Markets, CBRE 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.”
“As part of the government’s strategy to avoid oversaturation in the market, new hotel supply had been limited for the last few years.” Galven added.
The Public Tender will close at 3pm on 13 December 2017.
CBRE is the exclusive advisor for the public tender of 15-33 Hill Street.