Peak Tower Corporation which is breaking the ground for the acquisition of Selegie Centre in a collective sale has approached the Urban Redevelopment Authority, seeking approval to convert this site into a hotel.
The site is currently zoned for residential and commercial use.
It is interesting to note that Peak Tower Corporation’s previous attempt at getting the approval for a planned 11-storey hotel was rejected by the URA back in March.
The group has submitted a new proposal with amended plans and it is being learnt that plan is under consideration.
According to media reports, the earlier proposal was rejected as the URA found issues with the coach bay at the hotel and the plans have since then been modified.
Under the new plan, a spacious 40-seater coach has been planned that will offer access to the Peak Tower’s land by a two-meter service road.
The developer also has plans to install motorised bus turntable that will ease the exit of the coaches by turning them.
According to the reports Peak Tower has envisioned at 175-180 room micro hotel.
This they believe would make more efficient of the sale available. Vinson Keefe Anggasaputro, CEO of the group said that micro hotels cater to a diverse section of tourists and business travellers.
The group might see help from Marriott and Hilton Groups to operate the hotel upon receiving approvals. It is eyeing micro hotel brand such as Aloft of Marriott and Motto of the Hilton.
It was reported earlier in March that Selegie Centre, a freehold District 7 property has been successfully sold in a collective sale at S$120 million reserve price in what has been its third attempt at en bloc sale.
This meant a land rate of S$1,942 psf ppr.
Anggasaputro family based in Surabaya back the Peak Tower Corporation and it has been one of the largest adhesive tape manufacturing company in the whole of Southeast Asia.
The acquisition is a part of the family’s plans to diversify its business. Mr Anggasaputro said that Singapore presents a good opportunity to invest in real estate and they feel the Bugis/Bras Basah area has tremendous potential to be redeveloped given it is the cultural district of Singapore.
The site is located at the junction of Mackenzie Road and Selegie Road. A mixed development property which is 30 years old Selegie Centre currently has 33 shop units apart from 25 residential units.
The 10-storey tower has 60,000 square feet GFA. The sale shall be completed by March 2020.