The Surabaya-based Anggasaputro family, as new owners of the site, were only successful in their second application to URA. In 2021, Peak Tower Corporation announced it had inked a 25-year contract with Nasdaq-listed Marriott International to operate what would become Varel Singapore.
A year before Covid-19 brought tourism to a standstill, the former Selegie Centre in prime District 7 was finally sold en bloc at its reserve price of $120 million. The third time proved the charm for the 30-year-old freehold development at the junction of Selegie and Mackenzie Roads, which had failed to secure a buyer in two prior en bloc attempts.
The buyer, then identified as Peak Tower Corporation, said it would apply to have the site rezoned for a hotel; a risky bet, as the Urban Redevelopment Authority (URA) had already turned down similar requests for the site from other developer hopefuls.
