Freehold Golden Wall Centre near Little India has been sold in a collective sale deal for $276.2 million to a unit owned by the firm that runs the Hotel 81 chain.
The winning bid from the Worldwide Hotels unit was about 6 per cent above the reserve price of $260 million and came in at $2,331 per sq ft per plot ratio.
An application for hotel use at the existing approved gross floor area of 11,007.929 sq m, reflecting an equivalent plot ratio of 4.88, has been approved by the Urban Redevelopment Authority.
The 2,251.9 sq m commercial site is located near Rochor MRT station on the Downtown Line and within 400m of the Little India MRT interchange.
It occupies a prominent corner plot with a 180m triple frontage boasting high visibility along the main thoroughfare of Rochor Canal Road as well as Short Street and Albert Street.
The plot of land is also within the Beach Road/Ophir-Rochor Corridor, which is envisioned to be a vibrant mixed-use cluster, so it should benefit from the ongoing rejuvenation and transformation of the area.
ET&Co handled the collective sale. Its senior director of investment advisory Swee Shou Fern said: "With its strategic city fringe location, prominent triple frontage and proximity to the arts, heritage and cultural districts, Golden Wall Centre is ideal for a hotel development."
ET&Co is also handling the ongoing collective sale of Golden Mile Complex, a landmark commercial property in Beach Road. The tender closes at 3pm on Jan 30.