Thanks to institutional-grade properties that are making the breakthrough after two months of en bloc sales breakdown. With owner operators craving the lead, the appetite for hotel properties sounds healthy in the market.
Singapore’s leading tourist class hotel group – the Worldwide Hotels, has acquired the Golden Wall Centre, through its wholly owned subsidiary – the City View Holdings at S$276.2 million.
This successful deal quickly follows the acquisition of Waterloo Apartments by Fragrance Group for hotel development.
And all of this happens in the best month of the year, when thanksgiving and festivities begin.
It has happened just as anticipated by the Sr Director of Investment Advisory, Swee Shou Fern of Edmund Tie & Co (ET&Co), the Marketing Agent, at the launch of the sale.
She found the property impeccable for hotel development with its strategic location at the city outskirts, in close proximity to tourist spots.
Another growing feeling among the collective sale aspirants has been the instinct to increase the asking price from their previous failed attempt.
With the URA approving the hotel development, the present deal surpassed the previous asking price of S$260 million.
The property’s land area at 2,251.9 sqm translates to psf ppr value of S$2,331.
The existing approved GFA of 11,007.929 sqm reflects an equivalent plot ratio of 4.88, duly approved by URA.