Singapore
SINGTEL is selling its Hill Street property - for which planning approval has been granted for redevelopment into a hotel - to homegrown-property group EL Development.
The price is between S$115 million and S$120 million, which works out to about S$1,830 per square foot per plot ratio, The Business Times understands.
The unit land price is inclusive of a differential premium to change the use of the site, as well as a lease-upgrading premium; the total that EL Development will have to pay the state for these two premiums exceeds S$130 million.
Singtel put up the Hill Street property for sale through a tender last November, and appointed CBRE as its adviser for the exercise.
The tender closed...