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.
Luxury Peak, a wholly owned subsidiary of Hotel Properties (SGX:H15
) H15 (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.
