A hotel site at Balestier Road has been launched for sale. The 1.77-hectare plot is one of two hotel sites on the Confirmed List of the Government Land Sales Programme for the first half of this year.But for the first time, the government has made developing a park a requirement as part of the tender. Balestier Road is buzzing with activity. And adding to it will be a new contemporary hotel which draws...
Singapore Hotel
Balestier Road site will face Sun Yat Sen Memorial Hall IMAGINE a hotel development in the midst of a public park. Better still, one that blends in with the area’s heritage. That could soon be a reality following the Urban Redevelopment Authority’s (URA) launch of a land parcel for sale by tender off Balestier Road. The site, located across the Sun Yat Sen Nanyang Memorial Hall, will be nestled in...
A 30-storey hotel is set to be built on a reserve site at Gopeng Street/Peck Seah Street, the Urban Redevelopment Authority revealed on Thursday. The land parcel, which spans just over 2,300 square metres, is one of the two new hotel sites being released under the government land sales programme for the first half of 2008. The 99-year leasehold site can generate a maximum permissible gross floor area of...
A former primary school building has been revamped into a hotel. The 12-storey building at Pearl’s Hill used to be the tallest school in Singapore. The school closed in 2001 and the Urban Redevelopment Authority called for tenders to lease it out. Vita Holdings won the bid and spent S$13 million to transform the school into a hotel with 140 rooms. The initial budget was S$6 million but Vita Holdings...
Hotel sales in Singapore topped US$376 million last year, putting it in sixth position in transaction activity in Asia. This is a 3.5 per cent growth from 2006. According to Jones Lang LaSalle Hotels, Japan saw the highest activity last year with US$6.8 billion of deals done, a 63 per cent jump from the previous year. Jones Lang attributed the lure of Japan to the low cost of debt. It added that while...
There may be worries about the world economy – especially with the ongoing subprime crisis and rising standards of living – but that hasn’t stopped interest in luxury hotels from making a steady comeback. With the recent entry of a new player in Singapore’s luxury hotel industry, the exclusive St Regis, competition looks set to heat up. St Regis opened the Saturday before Christmas, but even...
AS HOTEL room rates in Singapore continue to set new highs, the taxman’s upcoming formula tweaks — which will see hotels’ property tax bills jump by at least 33 per cent — will skim some of the cream off the cake for hoteliers. The increase arises from a change to the formula used to calculate the annual value (AV) of hotels, which will kick in next year. And analysts say that while the...