Savills Singapore, as the exclusive marketing agent, announce that Concorde Hotel & Shopping Mall at 100 Orchard Road Singapore sold for $821 million via a public tender, which closed on 6 November 2024.

The buyer is Luxury Peak Pte Ltd, a wholly owned subsidiary of Hotel Properties Ltd.

Enjoying a very prominent frontage of approximately 170 metres along Orchard Road, Concorde Hotel & Shopping Mall is situated on a corner island site of approximately 99,623 sq ft and is zoned “Hotel” with a height control up to 10 storeys. The site boasts an enviable address along Orchard Road, Singapore’s most renowned shopping belt and is set amidst a diverse mix of internationally renowned brands and retailers, dining establishments and entertainment options. The property has a development baseline verified by Singapore Land Authority (SLA) at 539,719 sq ft which is equivalent to a plot ratio of 5.41, and compares with the Master Plan plot ratio of 5.6.

The sale price of $821 million works out to approximately $ 1,804 psf per plot ratio (ppr) including the applicable LBC payable on approximately $213 million based on a redevelopment scheme comprising 40% hotel, 40% residential and 20% commercial use.

Jeremy Lake, Managing Director, Investment Sales & Capital Markets, says, “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 ($868M / $2,769 ppr), Ming Arcade ($172M / $3,125 ppr) & Delfi Orchard ($439M / $3,346 ppr).

Being the largest collective sale this year, it is a testament of the stellar attributes of an Orchard Road development site and its endearing appeal to developers riding on the next wave of rejuvenation.

Developers continue to be drawn to prime development opportunities here and are very excited by the URA’s plans to rejuvenate and refresh Orchard Road,” he adds.  

Hotel Properties Ltd currently owns approximately 95.4% of the strata area of the property.

Rajah & Tann acted for the vendors in the collective sale.