Singtel pitches hotel angle for Hill Street site

Singapore

SINGTEL has put its Hill Street property up for for sale, using its redevelopment potential as the selling point, as an earlier Business Times report had anticipated.

The telco has secured approval for a hotel development on the site. Market watchers told BT on Tuesday that the indicative pricing for the property may be around S$100 million. This works out to nearly S$1,700 per square foot per plot ratio (psf ppr), inclusive of an estimated S$108 million payable to the state in differential premium for change of use and a further S$27 million for topping up the site's lease.