SINGAPORE: UOL Group has acquired Lion City Hotel, a freehold property at the junction of Tanjong Katong Road and Geylang Road, for S$313 million.
The property, which has a site area of 147,910 square feet, is also near the existing Paya Lebar MRT interchange.
UOL says that its wholly-owned subsidiaries UOL Residential Development and UOL Property Investments have successfully tendered for the site.
The company says the site may be redeveloped as a commercial-cum-residential development.
But UOL adds that it would assess the current allowable development options before determining the final development scheme for the property.
Lion City Hotel, a 42-year-old landmark, was put up for sale by the family of property magnate Wee Thiam Siew in December last year.
The site includes the former Hollywood Theatre which is located next to the hotel.
The theatre had stopped screening films in the 1990s and at one point it was home to City Harvest Church.
Currently, the building is occupied by Sheng Siong supermarket and it has a food centre as well.
In a statement, UOL says the future redevelopment of the property is expected to benefit from the nearby Paya Lebar Central commercial hub planned by the URA.
It also says the acquisition and redevelopment of the property would enable the group to replenish its land bank.
Source:L CNA 18 Jan 2011
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