SINGAPORE - Freehold commercial property Golden Wall Centre has been sold en bloc for $276.2 million to City View Holdings, a wholly owned subsidiary of Worldwide Hotels, which owns and manages hotel chains such as Hotel 81.
The winning bid in the tender was about 6 per cent above the reserve price of $260 million.
At $2,331 per square foot per plot ratio (psf ppr), it has a land area of approximately 2,251.9 square metres (sq m) and is zoned for commercial use under Master Plan 2014.
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 (URA).
Located at the doorstep of Rochor MRT station on the Downtown Line and within 400m of Little India MRT interchange, the property 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.
Situated within the Beach Road/Ophir-Rochor Corridor, which is envisioned to be a vibrant mixed-use cluster under Master Plan 2014, Golden Wall Centre stands to benefit from the ongoing rejuvenation and transformation of the area.
ET&Co handled the collective sale, the second after an earlier attempt in 2016 at roughly the same reserve price.
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, an iconic landmark commercial property located along Beach Road. The tender for Golden Mile Complex will close on Jan 30, 2019, at 3pm.