Victoria Street Wholesale Centre Site On Sale

The 99 year leasehold, Victoria Street Wholesale Centre site with area of about 86,111 sq ft was triggered for tender sale as an interested purchaser had committed a minimum acceptable bid for this GLS reserve site.

This site is zoned for hotel development that has a potential for a new hotel with maximum 20 storey high to be built in the vibrant junction of Victoria Street and Ophir Road. The maximum gross floor area for this site is about 344,653 sq ft.

This land parcel is located in a new growth location envisioned to be the next prime offices, hotels, retail, entertainment and residential hotspots.

This site is suitable for a 4-star hotel development with room capacity of about 650 hotel rooms blended with retail component to the hotel.

Recent exciting development announcement within this Bugis vicinity include the project known as Duo which is a Temasek Holdings and Khazanah Nasional project which comprise 2 towers of retail, hotel, grade A offices and residential component.

In October 2012, another company Forward Land bidded at $331.34 million or $994 psf ppr for a nearby site for development where 60% of the gross floor area will be dedicated for hotel use with the rest for commercial use.

Demand for mid-range 4-star hotel rooms is bouyant as we enjoy strong and increasing tourist arrivals. This site is  expected to receive between 5 to 7 bids and the  winning bid is expected to be about $1,100 psf ppr.

2 Dec 2012