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Far East unit wins Sentosa hotel site tender
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Sentosa Development Corporation (SDC) has awarded a 60-year leasehold hotel site tender on the resort island to Far East Organization Centre, a member of Far East Organization (FEO).
The tender is for the development of a cluster of conserved buildings and their repurposing as hotels.
The site on Artillery Avenue, formerly a military parade square with six blocks of barracks, has been gazetted for conservation, which means that FEO has to adhere to heritage and conservation requirements when developing the site.
FEO is planning a hospitality product named The Outpost, which will integrate two hotels with 700 rooms in total.
The tendered amount comprises an upfront land premium of $32 million, plus a guaranteed annual payment of $3.7 million, or a 10th of the annual gross revenue, whichever is higher. The guaranteed annual payment to SDC of $3.7 million, to increase 3 per cent each year, will continue for the length of the 60-year lease.
The Business Times understands that the total consideration falls between $100 million and $150 million.
Sharing the development plans for the site, Chng Kiong Huat, FEO's executive director of property services, said that The Outpost will feature a modern hotel with classic historical elements and architectural form. It will be completed in 2018.
"The architecture of what was once the Blakang Mati Artillery barracks and the Parade Square, along with heritage and protected trees in its environs, will be conserved and will breathe new life as a premium vintage hotel wing," he said.
Spanning an area of about 484,400 square feet, the land parcel has a maximum permissible gross floor area of about 387,500 sq ft, subject to the payment of a development charge or differential premium.
BT understands that the development charge is for intensifying the use of the site, should the developer max out the allowable plot ratio.
FEO, the sponsor for the listed Far East Hospitality Trust, plans to offer The Outpost as a major pipeline project for the trust.
The developer trumped three other submissions to win the tender, during which the quality and pricing of each proposal was assessed.
Source: Business Times 13 March 2014
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