The New Changi Hotel site on Changi Road has been launched for sale through a public tender, with an indicative price of S$61.8 million, or about S$781 psf, based on the potential gross floor area (GFA) of approximately 79,299 sq ft.
The freehold redevelopment site is situated on a 2,456 sq m (26,433 sq ft) land parcel, said Knight Frank, the marketing agent for the property.
The site, which was zoned ”hotel” under the 2008 Master Plan, may be rezoned to "commercial", with a gross plot ratio of 3.0, subject to approval from the relevant authorities.
Knight Frank said the site is surrounded by a good mix of commercial projects and residential developments, as well as shopping complexes, boutique offices and hotels.
Ian Loh, Associate Director of Investment at Knight Frank, said that robust activity was seen in districts 14 and 15 over the past four months, with more than S$700 million worth of transactions being concluded.
The site is also close to the upcoming Paya Lebar Central, a commercial hub expected to be developed outside the city centre as part of the Urban Redevelopment Authority’s (URA) decentralisation strategy.
Mr. Loh expects the site, which acquired 100 percent consent from the owners, to attract interest from developers.
The tender for the site will close on 30 March.