UOL Group has acquired Lion City Hotel and the adjoining former Hollywood Theatre site for S$313 million.
With a freehold land area of 147,909 sq ft, the price tag works out to around S$779 psf of potential gross floor area (GFA), inclusive of development charges of approximately S$77.8 million, given that the company ventures on a residential-cum-commercial development with an average plot ratio of 3.39.
But based on an alternative scheme for a residential development with commercial space on the ground floor and with a plot ratio of 3.0, the unit price for the property would work out to around $871 psf ppr.
The site was sold through a public tender which closed on January 18 and has attracted six major developers, with UOL offering the highest bid for the property, said Knight Frank and Landmark Property Advisers, which handled the tender.
UOL said that the property is located near the Paya Lebar Interchange MRT station on the East-West and Circle lines.
“Based on the current allowable development options, the property may be redeveloped as a commercial-cum-residential development. The company will continue to assess the current allowable development options and other factors to determine the final development scheme for the property.”
Given its location in the Tanjong Katong-Geylang Road area, the company said that the property’s future development is expected to benefit from the upcoming Paya Lebar Central commercial hub planned by the Urban Redevelopment Authority (URA).