BT EXCLUSIVE ·
Subscribers

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

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...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes