SINGAPORE: Savills Singapore has announced the sale of Concorde Hotel & Shopping Centre at 100 Orchard Road, with a guide price of S$820 million, or approximately S$1,801 per plot ratio (ppr). The property will be sold via public tender.
The Concorde Hotel & Shopping Centre stands on a prominent corner site of around 99,623 square feet and is currently zoned for “Hotel” use, allowing for up to 10 storeys in height. It also features about 170 metres of frontage along Orchard Road.
The site includes a three-storey retail podium with around 108,510 square feet of strata area, and a hotel offering views of Istana Park, with 407 rooms spanning levels 4 to 9.
Upcoming urban developments are set to enhance the property’s value. Starting in 2025, Orchard Road will see significant changes, including pedestrianisation and an expansion of Istana Park. These improvements are expected to increase the site’s visibility and appeal, as a key gateway connecting Dhoby Ghaut to the upper stretch of Orchard Road.
With four road frontages, Orchard Road, Cavenagh Road, Kramat Lane, and Buyong Road, the site enjoys high visibility and footfall throughout the day. It is situated in Singapore’s bustling shopping belt, surrounded by a variety of international brands, dining options, and entertainment venues.
The site is also easily accessible, being just a three-minute walk from both Dhoby Ghaut and Somerset MRT stations, which provide direct links to the Central Business District and Marina Bay. A future underground pedestrian walkway to Somerset MRT station will improve accessibility and increase foot traffic in the area.
The site offers developers considerable planning flexibility and potential for various development options. Although it is currently zoned for hotel use, it is well-suited for a mixed-use redevelopment project that could include luxury retail, and residential, subject to Urban Redevelopment Authority (URA) approval.
An Outline Planning application has been submitted for a mixed-use scheme combining hotel, commercial, and residential uses. The guide price is based on a proposed development mix of 40% hotel, 40% residential, and 20% commercial, and includes an additional S$213.1 million to extend the lease to a new 99-year term. Buyers may also propose an alternative Outline Planning Application for a different development mix.
Foreign ownership is permitted without restrictions. The public tender will close on Oct 16, 2024 at 3:00 pm.
Jeremy Lake, Managing Director of Investment Sales & Capital Markets at Savills Singapore said, “The Concorde Hotel & Shopping Centre has been a central part of Orchard Road for decades, and its redevelopment will usher in a new era of growth and revitalisation for the area. An incoming developer can leverage this site to create an iconic and dynamic space that anchors and accelerates the rejuvenation of Orchard Road.” /TISG
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