Paramount Hotel and Shopping Centre for sale by tender

The property is a prime redevelopment site in District 15 accessible to Changi Airport, CBD and Orchard Road.

Paramount Hotel & Shopping Centre - a rare freehold redevelopment opportunity in the well sought after District 15 is up for sale by tender. Jones Lang LaSalle is the Sole Marketing Agent for this property.

The 102,685 sq ft site, zoned for ‘hotel’ use, has a gross plot ratio of up to 3.0. The freehold site has the potential to be redeveloped into a hotel cum retail development with a gross floor area (GFA) of up to 308,056 sq ft, subject to relevant authorities’ approval and payment of development charge. This could yield up to some 460 hotel rooms.

Paramount Hotel and Shopping Centre, located at 25 Marine Parade Road and 30 East Coast Road respectively, is a 229-room hotel-cum-shopping complex comprising of a 4-storey podium and an 8-storey tower block. Parkway Parade, Roxy Square and the Grand Mercure Roxy Square Hotel are some of the developments near Paramount Hotel & Shopping Centre, according to a Jones Lang LaSalle report.

The site enjoys prominent frontage along both Marine Parade and East Coast Road. The area is also well served by major arterial roads and has convenient links to other parts of the island via the East Coast Park Expressway (ECP). It is within 15 minutes drive to Changi Airport, CBD and Orchard Road shopping belt.

The vicinity comprises a mix of residential, hotel, retail, and commercial cum residential developments. The site thus has the potential for alternative use such as condominium or a mix of hotel cum residential or commercial cum residential, subject to Authorities’ approval.

Ms Quek Soh Hoon, National Director and Head of Commercial Investments at Jones Lang LaSalle, said that “With the two integrated resorts (IR), amongst other events such as the Youth Olympic Games and the Singapore Grand Prix, fuelling visitors to Singapore, the rise in tourist arrivals has boosted occupancy at hotels and are sending room rates north.”

“The hotel industry will continue to do well and hotels outside the CBD area such as the subject site will gain popularity as they offer competitive pricing, proximity and easy accessibility to the town. As the site is located in an established residential area, it could be redeveloped into a condominium development or a mix development comprising hotel cum residential or commercial cum residential.”

“We anticipate that due to the scarcity of large prime freehold land that could be redeveloped into a landmark development, there will be substantial interest in the tender opportunity for Paramount Hotel and Shopping Centre,” added Ms Quek.

The tender will close at 3 pm on – 23 November (Tuesday) 2010.