Luxury Peak, a subsidiary of Hotel Properties Ltd (HPL), has purchased Concorde Hotel and Shopping Mall Singapore for $821 million Singaporean dollars, around £478.8 million.
Located at 100 Orchard Road, the property comprises a 407-room hotel and a three-storey retail podium.
The sale price works out to about $1,804 per square foot per plot ratio, with the land rate including a land betterment charge of $213 million based on a redevelopment scheme comprising 40 per cent hotel, 40 per cent residential and 20 per cent commercial use.
Concorde Hotel and Shopping Mall was first put up for sale in September at a guide price of S$820 million. Savills Singapore acted as the exclusive marketing agent. Rajah & Tann acted for the vendors.
What they said
Jeremy Lake, managing director, investment sales & capital markets at Savills Singapore said: “The sale of Concorde Hotel & Shopping Mall is the fourth major collective sale along the Orchard Road corridor brokered by Savills. It is a testament of the stellar attributes of an Orchard Road development site and its endearing appeal to developers riding on the next wave of rejuvenation.”