Monday, December 3, 2012

Victoria Street/Ophir Road hotel site will prove "popular" in bidding: Knight Frank

Expected 5-7 bidders at $1000-$1,100 psf ppr.

"We foresee that site to be popular, considering recent bids for hotel sites at record prices. The top bid for the recent Jurong Town Hall hotel site was at $1,167 per sq ft per plot ratio, and another close by Victoria Street / Jalan Sultan site was at $994 per sq ft per plot ratio," said Png Poh Soon, Head of Research at Knight Frank Singapore, as the Urban Redevelopment Authority released the Victoria Street/Ophir Road hotel site on to the Reserve List.

"We envisage that a four-star hotel could be viable for this site, with a development potential of around 550 to 650 hotel rooms together with a retail component. Notwithstanding the competition from nearby hotels such as Parkroyal Hotel at Beach Road, Landmark Village Hotel, V Hotel Lavender and the upcoming 5-star hotel at the DUO Towers, demand for hotel rooms at the mid-tier level is likely to remain healthy as visitor arrivals continue to increase," said Mr Png.

In assessing the viability of the hotel site's location, Mr Png added: "This hotel site is well located being in close proximity to the main Bugis shopping area, the Kampong Glam Conservation Area, and the upcoming new mixed development at Beach Road - DUO by M+S Pte Ltd which comprises hotel, Grade A office, residential and retail uses. It is also easily accessible, within short walking distance from two MRT Stations, the existing Bugis MRT and the upcoming Bugis Downtown Line that is slated to be ready by 2013."

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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1 comment:

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