Fairy Point Hill site in Changi may fetch $45m
The Fairy Point Hill site in Changi - launched by the Urban Redevelopment Authority for development into a recreational club, hotel or chalets - could fetch about $45 million or $250 psf of potential gross floor area based on a 30-year lease.
This estimate comes from Jones Lang LaSalle Hotels executive vice-president Chee Hok Yean, who reckons the site would be most viable as a resort hotel, given the recent development of infrastructure nearby. Also, Ms Chee notes: ‘This particular area has traditionally been laidback and has that resort feel.’
The spruced-up Changi Village Hotel has been achieving high occupancy and room rates, pointing to the viability of a resort hotel at Fairy Point Hill, she says. Using the site for a recreational club might not generate a sufficient return given the chequered financial performance of such clubs in Singapore and the short tenure of the site.
The 4.2-ha Fairy Point Hill site includes the old Commando Headquarters, which will have to be restored. The grand two-storey neo-classical building, built by the British in 1935, sits atop a hill. The maximum gross floor area (GFA) allowed for the project is 179,337 sq ft. The GFA for the old Commando HQ is about 29,063 sq ft. The site is wooded with many mature trees, some of which must be kept. URA says the release of the site will help realise its vision of Changi Point being developed as an attractive seaside resort and recreational destination while protecting rustic charm. The tender for the site closes on June 20.
Source : Business Times - 29 Mar 2007
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