Golden Wall Centre sold en bloc for $276.2m

It could be redeveloped for hotel use at a plot ratio of 4.88.

Golden Wall Centre has been sold for $276.2m to Worldwide Hotels subsidiary City View Holdings, Edmund Tie & Company (ET&Co) revealed. With a land area of about 24,239 sqft, the freehold commercial property reflects a land rate of $2,331 psf ppr.

ET&Co advised the collective sale committee to submit an Outline Application for hotel use at the existing approved gross floor area of 11,007.929 sqm, reflecting equivalent plot ratio 4.88. Meanwhile, the Urban Redevelopment Authority (URA) announced that hotel use at plot ratio 4.88 can be allowed, subject to compliance of conditions and requirements.

“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 senior director of investment advisory Swee Shou Fern noted.

Golden Wall Centre could reap benefits from the ongoing rejuvenation and transformation of its area situated within the Beach Road/Ophir-Rochor Corridor, the firm added.

The property is accessible through various ways as it is at the doorstep of Rochor MRT station on the Downtown Line and is also within 400 m to Little India MRT interchange. Moreover, it occupies a prominent corner plot with a 180-metre triple frontage boasting high visibility along the main thoroughfare of Rochor Canal Road, as well as Short Street and Albert Street.