The current market is hungry for hotel properties and owner operators are on the front line.
The trend of institutional-grade properties is undeniable two months after the breakdown of en bloc sales.
Worldwide Hotels, the leading tourist class hotel group of Singapore, obtained ownership of the Golden Wall Centre.
The acquisition is through the City View Holdings, its wholly owned subsidiary. The sale is worth S$276.2 million.
Another successful deal came right after with Fragrance Group’s purchase of Waterloo Apartments for hotel development conversion.
The transactions took place at the beginning of thanksgiving ad festivities of this year.
Edmund Tie & Co (ET&Co) Investment Advisory Senior Director, Swee Shou Fern, has already anticipated this, as the Marketing Agent reiterated from the launching of the sale.
In her statement, the exec highlighted the impeccable features of the property for hotel development due to its strategic location right at the outskirts of the city. It is also close to tourist spots.
Aspirants of the collective sale have increasing need to raise the asking price, following their past failed attempt.
Due to the approval of the hotel development by the URA, the current deal is already beyond the previous asking price, which is valued at S$260 million.
The land area of the property is at 2,251.9 square meters and base on the sale price, the land value translate to S$2,331 per square foot per plot ratio.
URA duly approved the existing GFA of the property, which is 11,007.929 square meters or 4.88 plot ratio.
URA expressed its goal for the transformation of Ophir-Rochor corridor to a multi-use district and the Golden Wall Centre deal complements this objective.
The association aims the hub to have offices, residences, and hotels while advocating vibrancy and greenery.
The Little India MRT Exchange is 400 meters from the property while Rochor MRT station is literally steps away. The 180m triple frontage will launch the new hotel.
There are plans to make it an iconic landmark between Albert St., Short St., and Rochor Canal Road.
The Golden Mile Complex is another challenging and sought-after deal for ET&Co.
It is a colossal typewriter structure, which nurtures the national monument of Singapore. It is also allowed to build new buildings alongside.
The celebrated deal paved the way for developers and investors to come up with a strategy that would highlight their expertise, with sufficient available time.
The acquisition’s tender will close at 3pm on 30 January 2019.