Site where iconic Queenstown cinema once stood sold for S$78m

Singapore

A PRIME commercial-zoned piece of vacant land - where the former Queenstown cinema and bowling centre once stood - has been sold for S$78 million. The price for the site, which has a balance lease term of 57 years, is understood to work out to about S$756 per square foot of potential gross floor area.

Located a stone's throw from Queenstown MRT Station, the site is at the corner of Commonwealth Avenue and Margaret Drive; it comprises two lots of land adding up to 32,305 sq ft, net of some land to be set aside for road widening.