CHANGI Hotel, which sits on freehold land of about 26,433 sq ft, has been put up for sale by tender.
It has a plot ratio of 3.0 and can be redeveloped into a hotel and/or a commercial development with a maximum gross floor area of 79,299 sq ft, said CB Richard Ellis (CBRE), which is managing the sale. Construction group Koh Brothers owns the land.
The asking price is at least $55 million and the successful bidder will have to pay a development charge estimated at $12.5 million, or $850 psf per plot ratio.
“We believe that it is a good time to capitalise this asset while the property market is buoyant,” said Mr Francis Koh, Koh Brothers’ Group managing director and chief executive officer.
“The proceeds from this sale will enable us to explore other opportunities within the region.”
The site is surrounded mostly by office buildings, and is within walking distance from Paya Lebar and Eunos MRT stations.
While that is an advantage, said a property consultant, the site is near “Joo Chiat and Geylang which house clusters of hotels that have a red-light connotation associated with it. It’s more of a budget hotel location”.
The tender exercise will close at 3pm on Jan 31.
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