HPL buys Concorde Hotel & Shopping Mall for $821 mil in largest en bloc deal of 2024

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 reserve 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. Read also: Thomson View Condominium to lower reserve price to $808 mil Advertisement Advertisement “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”. Ask Buddy Compare price trend of HDB vs Condo vs Landed Condo projects with most profitable transactions Compare price trend of New sale condo vs Resale condo Compare price trend of Condo new sale vs EC new sale Upcoming new launch projects Compare price trend of HDB vs Condo vs Landed Condo projects with most profitable transactions Compare price trend of New sale condo vs Resale condo Compare price trend of Condo new sale vs EC new sale Upcoming new launch projects