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BT EXCLUSIVE

EL Development buys Singtel's Hill Street property

Price works out to S$1,830 psf ppr; provisional go-ahead given for hotel to be built on the site

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The Hill Street property comprises two adjoining land plots with a combined land area of 39,738 sq ft. The larger plot has a 999-year leasehold tenure, and the smaller one has 36 years left on its 99-year lease.

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

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