EL Development plans a hotel with over 300 rooms on Hill St

Singapore

EL Development is planning to develop a mid- to high-end business hotel with more than 300 rooms on the Hill Street site that it is buying for S$118 million from Singtel.

"We have not finalised on the concept for the hotel and are also in the process of sourcing for an operator," said EL Development managing director Lim Yew Soon.

He added that the price works out to about S$1,855 per square foot per plot ratio inclusive of an estimated S$140 million that is payable to the state, comprising a differential premium (to change the use of the site) and a lease upgrading premium (for one of the site's two land lots).

Singtel's Hill Street property has a total land area of 39,738 sq ft comprising two land lots. The smaller plot of 14,717 sq ft has 36 years left on its original 99-year lease. The Singapore Land Authority has granted in-principle approval to top up this p…