Paramount Hotel & Shopping Centre sold to Orchard Mall

Paramount Hotel & Shopping Centre has been sold to Orchard Mall for S$214 million.

This is the biggest collective sale in the commercial property market this year.

The site comes up to nearly 102,000 square feet and has a gross plot ratio of up to 3.0 Jones Lang LaSalle, manager of the sale, said the freehold site has a potential gross floor area of up around 308,000 square feet.

This works out to approximately S$1,178 per square foot, per plot ratio. While the site was zoned for use as a hotel under a previous Master plan, Jones Lang LaSalle said that it has varied redevelopment options such as hotel, commercial, residential, or a combination of the three, subject to planning approval from the authorities.

The site currently holds a 229-room hotel and shopping complex comprising a four-storey podium and an eight-storey tower block.

Quek Soh Hoon, national director and head of commercial at Jones Lang LaSalle, said that the bids signalled a strong interest for this rare, prime, freehold redevelopment site.

She added that Jones Lang LaSalle is confident of the potential that the site could offer due to the accessible location and the nearby amenities.

Source : Channel NewsAsia – 26 Nov 2010

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