Real estate services and investment firm CBRE on Tuesday announced the launch of the public tender of Singapore Telecommunications' Hill Street property in Singapore.
The property has been granted provisional permission for redevelopment into a hotel development, the company said in a press release.
CBRE, the exclusive advisor for the public tender, said sites are offered for sale based on a 99-year leasehold tenure and the differential premium for change of use and lease top up premium will apply.
The Hill Street property is close to a plethora of prominent historical landmarks such as the National Museum and St Andrew's Cathedral, upscale shopping malls such as Capitol Piazza and Raffles City, and entertainment venues including Clarke Quay and Marina Bay Sands.
"Hotel development sites in the Central Area are rarely available. The last hotel site that was sold was along Cuscaden Road. The sale in 2016 achieved a land price of $2,145 psf ppr," Galven Tan, Director, Capital Markets, CBRE said.
The public tender will close on December 13.