Over the past two decades, Paramount Shopping Centre has developed a rather infamous reputation for itself; more known for the seedy karaoke bars and pubs that crowd its ground level rather than the retail and computer shops on the upper levels.
Once the sun goes down, bar hostesses and their guests filter to their watering holes in the building that is often regarded as the Orchard Towers of the east side.
But the sun is set to go permanently down on this scenario as the Paramount Hotel and Paramount Shopping Centre are to be sold by public tender, according to an announcement by Cushman & Wakefield, which is conducting the exercise.
The freehold property has a total land area of 102,710 square feet and has just obtained an outline approval for a hotel development with a plot ratio of 3.0. This means the successful bidder for the site could develop a total gross floor area of 308,130 sq ft.
It is understood that a retail cum hotel development with around 450 to 600 rooms could be developed on the site.
The successful bidder will also have the option of developing the land into a residential development, as the hotel is not under any safeguard list.
With prices in the Katong, Meyer and Amber Road areas reaching $1,500 to $1,800 per square foot, this could be an enticing option for potential developers.
The tender closes on July 6.
Further down the road, Colliers International has put up an Expression of Interest exercise for the sale of St Patrick’s View at 54 and 56 St Patrick’s Road. The freehold development sits on a 83,013 sq ft plot and consists of four- and three-storey blocks housing 52 apartments.
The site is zoned for residential use and is subjected to a plot ratio of 1.4. It can be developed into a five-storey development that comprises 80 apartment units averaging 1,400 sq ft each in size.
The indicative price guide of $63 million equates to $544 psf per plot ratio, inclusive of development charges.
Parties interested in the site can submit their offers to Colliers by 3pm on June 19.
Source: Weekend Today, 26 May 2007