Lion City Hotel in Geylang and the adjoining Hollywood Theatre site have been put up for sale, with a price tag expected to exceed $300 million, excluding the development charge.
The two plots, along with a substation site nearby, have a total gross floor area (GFA) of 507,924 sq ft. The URA has indicated that the sites can be redeveloped into a residential-cum-commercial development, with 243,805 sq ft of the total GFA to be allocated for residential use and 264,119 sq ft for commercial use.
Landmark Property Advisers and Knight Frank, which are marketing the freehold sites, said the sites can accommodate up to 240 housing units with an average size of 1,000 sq ft, as well as a shopping mall similar to the size of Katong Mall.
The winning developer will have to pay a development charge (DC) of approximately $77.8 million.
Several property agents said the land price would likely fetch $753 psf ppr, and if a 10 percent extra residential GFA for balcony space is added, the price would be around $736 psf ppr.