Results 1 to 4 of 4

Thread: Lion City site could be redeveloped into condo

  1. #1
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Lion City site could be redeveloped into condo

    http://www.businesstimes.com.sg/sub/...19940,00.html?

    Published December 2, 2010

    Lion City Hotel, Hollywood Theatre sites up for sale

    By EMILYN YAP


    (SINGAPORE) Lion City Hotel, a 42-year- old landmark in Tanjong Katong, could be making way for new developments. The hotel and the former Hollywood Theatre next to it have been put up for sale by the family of the late property magnate Wee Thiam Siew.

    Landmark Property Advisers and Knight Frank are marketing the freehold sites and expect them to fetch more than $300 million.

    Lion City Hotel was built in 1968 and the Wee family has been operating it. The 166-room building is a few minutes' walk from Paya Lebar MRT station.

    Crowds flocked to the vicinity in the early 1970s as it was home to one of Singapore's earliest department stores run by Emporium. The hotel remained standing even as the area lost some of its lustre over the years.

    Next to the hotel is the former Hollywood Theatre, which has its own colourful past. Movie stars such as Fung Bo Bo and Siao Fong Fong had made appearances there decades ago.

    The theatre stopped screening films in the 1990s and was at one point home to City Harvest Church. Today, a food centre and a Sheng Siong supermarket occupy the space.

    The authorities have indicated that the Lion City Hotel and Hollywood Theatre sites can be redeveloped into residential and commercial developments.

    The two plots, together with a substation site nearby owned by SP Powerassets, yield a gross floor area (GFA) of 507,924 sq ft. Some 243,805 sq ft can be put to residential use and 264,119 sq ft to commercial use.

    The marketing agents estimate that the sites can accommodate a shopping centre similar to Katong Mall, as well as some 240 apartments with an average size of 1,000 sq ft.

    They are expecting the sites to fetch more than $300 million in a tender, and the winning bidder will have to pay a development charge of around $77.8 million.

    According to the agents, the land price would come up to around $753 per sq ft per plot ratio (psf ppr). If there is an extra 10 per cent of residential GFA for balcony space, the price would be around $736 psf ppr.

    There is likely to be 'keen interest' in the sites as they would benefit from the upcoming commercial centre at Paya Lebar Central, the agents said.

    SLP International Property Consultants' research executive director Nicholas Mak believes that the expectations are bullish. The breakeven price for the residential units could exceed $1,100 psf, he said. The tender for the sites will close on Jan 6.

  2. #2
    Join Date
    Aug 2010
    Posts
    375

    Default

    I remember this area when I was young. There was an ice-cream parlor called "Himalayas" and it was only on special occasions that we went there.

    Today, the place has lost its lustre. I hope new development will rejunevate life into this area.
    hungry eat sleepy sleep

  3. #3
    Join Date
    Dec 2009
    Posts
    213

    Default

    Quote Originally Posted by acidic.straw
    I remember this area when I was young. There was an ice-cream parlor called "Himalayas" and it was only on special occasions that we went there.

    Today, the place has lost its lustre. I hope new development will rejunevate life into this area.

    It is still charming in a strange way. Hin Hollywood coffee shop is probably the smallest koipitam with the most good food stall cramped into 1 place.
    Wanton mee, Chicken Rice, Duck Rice, Fishball Meepok.
    And rest are above average: Prata, Porridge, Char Kway Teow,

  4. #4
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Lion City site could be redeveloped into condo

    http://www.straitstimes.com/Money/St...ry_615933.html

    Dec 21, 2010

    Lion City site could be redeveloped into condo


    DEVELOPERS are showing keen interest in the landmark Lion City Hotel and Hollywood Theatre site up for sale near Paya Lebar MRT station.

    The tender exercise has yet to close but about 40 companies have already made enquiries, said Landmark Property Advisors and Knight Frank, the two real estate firms marketing the site.

    The list includes 'every major developer' in the market, Landmark director Lee Hon Kiun said yesterday.

    He and Knight Frank's senior manager for investment sales, Mr Ian Loh, said some partnerships may be in the works as developers team up to vie for the site, which carries an indicative price tag of $300 million.

    The successful bidder will be allowed to redevelop it into a new condominium, the marketing agents said.

    The Urban Redevelopment Authority (URA) has granted outline permission for the plot to be used for a residential building, with shops on the first floor. But an estimated development charge of $80.8 million will apply for this option.

    Earlier, the URA had approved a mixed commercial and residential development on the land.

    Apart from the new development option, the URA has allowed an additional 5,791 sq ft of state land to be included as part of the site. This will extend the plot on two fronts, bringing it closer to Geylang Road on one side and nearer Tanjong Katong Road on another.

    With the state land, the site's area will be increased from 147,909 sq ft to 153,700 sq ft, with a total gross floor area of 461,104 sq ft. It will be able to host about 380 apartments with an average size of 1,000 sq ft each, as well as 78,000 sq ft of retail space on the first floor.

    However, developers must pay an extra $8 million for the state land.

    Including this premium and the estimated development charge of $80.8 million to convert the site into a residential development, and based on the $300 million indicative price, the price of the land works out to $843 per sq ft of potential gross floor area.

    The tender closing date has been extended to Jan 18 from the original Jan 6.

    FIONA CHAN

Similar Threads

  1. Replies: 1
    -: 21-01-22, 10:14
  2. Katong Regency (Former Lion City Hotel) D14 By UOL
    By Ultroman in forum District 14
    Replies: 277
    -: 01-10-16, 10:23
  3. City, non-city condo price gap narrows
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 07-10-14, 16:36
  4. UOL pays $313m for Lion City Hotel, former Hollywood Theatre
    By mr funny in forum En Bloc Achieved
    Replies: 1
    -: 20-01-11, 00:46

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •