New Changi Hotel put up for sale

New Changi Hotel, a freehold non-residential redevelopment site along Changi Road, has been put up for sale by public tender.

Situated in an established mix of residential and commercial area, the strata-titled development sits on a land area of about 2,456 square metres (26,433 square feet).

The site is located near Paya Lebar and Eunos MRT stations and is well served by the Pan Island Expressway and the Central Expressway as well as major arterial roads like Changi Road, Geylang Road and Sims Avenue.

It is within close proximity 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 decentralisation strategy to provide alternatives for businesses and jobs closer to homes.

Sole marketing agent, Knight Frank, said the site has a guide price of S$61.8 million and is currently zoned for “hotel” in the 2008 Master Plan.

The site has the potential to be rezoned to “commercial”, 3.0, subject to approval from relevant authorities. Based on the potential gross floor area of 79,299 square feet, the land price translates to S$781 per square foot.

“Over the past 4 months, we have seen a flurry of activities in D14 & 15, with over S$700m worth of deals being concluded. They include Lion City Hotel and Singapura Theatre, brokered by us, as well as Paramount Hotel and Marine Point,” said Ian Loh, associate director of investment for Knight Frank.

“We expect keen interest from developers for this non-residential redevelopment opportunity, which has obtained 100 per cent consent from the owners,” he added.

The tender will close at 3pm on March 30.

Source : Channel NewsAsia – 23 Feb 2011

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