A 39,738 sq ft site on Hill Street has been put up for sale by public tender, announced CBRE, the exclusive marketing agent. The site is owned by Singapore Telecommunications and is currently occupied by its Telephone House complex.

The site has been granted Provisional Permission for redevelopment into a Hotel with a plot ratio of 3.5. It is zoned Utility under the 2014 Master Plan. Comprising two adjoining land plots at 15-33 Hill Street, the maximum allowable gross floor area is about 139,084 sq ft, says CBRE.

The sites are being offered for sale based on a 99-year leasehold tenure, and the differential premium for change of use and lease top up premium will apply. The property is flanked by Capitol Theatre and Grand Park City Hall.

When queried on the price, a spokesperson for Singtel responded that the company views the public tender as a “price discovery process” and will evaluate their options thereafter.

The tender will close on Dec 13.