The site is a three-minute walk from Somerset MRT Station and Orchard Road.
The site will further benefit from government plans for Orchard Road, which include new retail concepts, attractions, entertainment and events to be introduced to the Tanglin, Somerset, Orchard and Dhoby Ghaut sub-precincts.Over the past 12 to 18 months, interest for hotels and hotel land has risen significantly in Singapore, said the sale's joint advisers.
Recent freehold hotel land transactions include Min Yuan Apartments , Golden Wall Centre and Waterloo Apartments .put up for saleShaun Poh, executive director, Cushman & Wakefield Singapore Capital Markets, said:"We are seeing a spike of interest from local and overseas investors in hospitality assets, especially in hotel development sites where the owner can exercise flexibility to design a hotel concept that attracts certain profiles of travellers such as millennials.
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