Prime freehold site along Cuscaden Road up for sale by tender

It’s expected to sell for $160m to $170m.

A prime freehold site located along Cuscaden Road, off Orchard Road, has just been put up for sale by tender.

According to JLL’s news release, it will be the first redevelopment site for hotels to be made available for sale in the Orchard planning area in more than 10 years. Also, the property may be may be the first high-rise residential redevelopment site in Singapore in three years. The vendors expect offers in the region of $160m to $170m.

With a land area of 25,741 sqft, the site is zoned “Hotel” in the 2014 Master Plan, with an allowable gross plot ratio of 4.2. The Urban Redevelopment Authority (URA) has advised that it is also prepared to consider a redevelopment proposal into a 20-storey residential development.

Flanked by high-rise developments, the property is located 200 m off Orchard Road. It has a land area of 25,741 sqft and is zoned “Hotel” in the 2014 Master Plan, with an allowable gross plot ratio of 4.2. The Urban redevelopment Authority (URA) has advised that it is also prepared to consider a redevelopment proposal into a 20-storey residential development.

The last sale of a prime high-rise residential redevelopment site in Singapore took place three years ago, when Swire Properties of Hong Kong acquired Hampton Court at Draycott Park for $155m. Inclusive of development charges payable, this worked out to a reported rate of $2,526 psf per plot ratio.

“It could also very well be one of the last opportunities for strategic investors to acquire land for hotel development in this location for many years to come,” comments Mr Nihat Ercan, Executive Vice President of JLL’s Hotels & Hospitality Group.

JLL reports interested parties are invited to submit their tenders by 2:30 pm on Thursday, 12 May 2016.