Worldwide Hotels snaps up Singaporean asset for S$276.2m

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City View Holdings, a subsidiary of hotel chain Worldwide Hotels, has snapped up a prime commercial property in Singapore for S$276.2m (US$201.9m), with preliminary plans to develop the site into a hotel.

The Golden Wall Centre sits on a 2,251.9 sq.m. plot of land in the Beach Road/Ophir-Rochor Corridor, according to a statement from advisor Edmund Tie & Company.

The corner site has high visibility along the main thoroughfare of Rochor Canal Road, as well as Short Street and Albert Street.

“With its strategic city fringe location, prominent triple frontage and proximity to the arts, heritage and cultural districts, Golden Wall Centre is ideal for a hotel development,” said Swee Shou Fern, senior director of investment advisory at Edmund Tie & Company.

Singapore’s Urban Redevelopment Authority (URA) has indicated that a hotel development with a plot ratio of 4.88, reflecting an 11,007 sq.m. gross floor area, could be allowed.  

The property has access to the Downtown and North East underground lines, situated on the doorstep of the Rochor underground MRT station and near the Little India MRT interchange.