HPL buys Concorde Hotel & Shopping Mall for $821 mil in largest en bloc deal of 2024
By Cecilia Chow
/ EdgeProp Singapore |
Concorde Hotel & Shopping Centre has a 170m frontage along Orchard Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Luxury Peak Pte Ltd, a wholly owned subsidiary of Hotel Properties Ltd (HPL), has acquired Concorde Hotel en bloc for $821 million – paying $1 million above the guide price of $820 million when the site was launched for tender on Sept 3.
The sale price of $821 million works out to $1,804 psf per plot ratio (ppr), including the applicable land betterment charge payable of $213 million based on a redevelopment scheme comprising 40% hotel, 40% residential and 20% commercial use.
HPL already owns 95.4% of the strata area of the property: the 407-room Concorde Hotel on the fourth to ninth floors of the building and 63 of the 98 strata shops in the three-storey retail podium, which has a total strata area of 108,510 sq ft. Rajah & Tann acted for the vendors in the collective sale, while Terra Law acted for HPL.
“The sale of Concorde Hotel & Shopping Mall is the fourth major collective sale along the Orchard Road corridor brokered by Savills, following the earlier successful collective sales of Tanglin Shopping Centre ($868 million / $2,769 ppr), Ming Arcade ($172 million / $3,125 ppr) & Delfi Orchard ($439 million / $3,346 ppr),” says Jeremy Lake, managing director, investment sales & capital markets, Savills Singapore, who brokered all four deals.
Lake says the sale of Concorde Hotel & Shopping Mall – the largest collective sale of 2024 – “is a testament to the stellar attributes of an Orchard Road development site and its endearing appeal to developers riding on the next wave of rejuvenation”.
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