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  Business Times 29 Mar 07
Fairy Point Hill site in Changi may fetch $45m
By Kalpana Rashiwala

Channel NewsAsia 28 Mar 07
Redevelopment site at Fairy Point Hill up for sale by public tender

Channel NewsAsia 13 Mar 07
Fairy Point Hill site at Changi to draw developer interest: analysts
By Daryl Loo, Channel NewsAsia

SINGAPORE : The Fairy Point Hill sports and recreation site at Changi Point is expected to draw strong interest from lifestyle and hotel developers, when it's put up for sale on the market.

Analysts are predicting the site will fetch bids of at least $18 million. The Urban Redevelopment Authority (URA) is expected to launch the site for tender later this month.

Set amidst lush greenery in rustic Changi Point, Fairy Point Hill is the largest plot of land still available from the URA. The sprawling 4.2 hectare site, bounded by Cranwell and Andover Roads, was first put on the government's reserve list in 2002. But there was no interest in the 30-year lease plot until last year, when the government said it will be put up for sale.

Analysts now believe the site is worth at least $18 million, about 20 percent more than the estimate six years ago.

"I think the circumstances in 2002 were quite different from now. The confidence in the market was also quite different. Now you see a lot of vibrance in the economy and interest because of the IR and other developments. In 2002, the projections of tourist arrivals and STB's plans had not been known. But now, there's a lot of excitement in the market about this impending rise in tourist arrivals," says Foo Suan Peng, executive director of Knight Frank.

Singapore is hoping to attract 17 million visitors to the country by 2015. Last year, it welcomed 9.7 million visitors, who spent some $12.4 billion on items such as hotel rooms, shopping and sightseeing.

Analysts say the demand for the Fairy Point Hill site driven is mainly by the booming tourism industry.

Property consultancy Jones Lang LaSalle says the site is also being made more attractive because of recent moves to revitalise the Changi Point area by building new infrastructure such as boardwalks and shelters.

It predicts that bidders will likely be developers that are also interested in operating the site.

"I see strong interest from both local and foreign lifestyle developers, or hoteliers coming into Singapore. The rustic nature of Changi Point area is something positive. People come to Singapore and see that its very modern and cosmopolitan, but just a short distance away you have this Fairy Point area with its old world charm. I think it will attract a lot of interest from developers," says Foo.

The Fairy Point Hill parcel can be used to build chalets, resort and sports facilities, and can take up an estimated 280 hotel rooms. The site has a gross plot area of 0.4, and includes a two-storey pre-war colonial Command House.

Some developers with experience building and operating hotel and recreation resorts include Hotel Properties Limited and Banyan Tree Holdings. - CNA /ls

Channel NewsAsia 28 Mar 07
Redevelopment site at Fairy Point Hill up for sale by public tender

SINGAPORE: A 4.2 hectare site at Fairy Point Hill for the development of a hotel has been put up for public tender. The Urban Redevelopment Authority (URA) said the site may also be used for the development of a recreational club or holiday chalets.

The site is now home to the Old Commando Headquarters which comprises a grand two-storey neo-classical building built by the British in 1935. It has a maximum permissible gross floor area of over 16,000 square metres.

Tenderers can choose to bid for a 30-year or 45-year lease term. The maximum height of the new building is 3 storeys and cannot exceed the height of the Commando Headquarters building.

The URA is seeking to redevelop Changi Point as an attractive seaside resort and recreational destination. It has already completed a series of improvement works in the area. These include the reconstructed Changi Point ferry terminal and waterfront garden, a 1.5km park connector and walking route along Netheravon Road and a 2.6km Changi Point boardwalk. - CNA/so

Business Times 29 Mar 07
Fairy Point Hill site in Changi may fetch $45m
By Kalpana Rashiwala

THE Fairy Point Hill site in Changi - launched by the Urban Redevelopment Authority for development into a recreational club, hotel or chalets - could fetch about $45 million or $250 psf of potential gross floor area based on a 30-year lease. This estimate comes from Jones Lang LaSalle Hotels executive vice-president Chee Hok Yean, who reckons the site would be most viable as a resort hotel, given the recent development of infrastructure nearby.

Also, Ms Chee notes: 'This particular area has traditionally been laidback and has that resort feel.' The spruced-up Changi Village Hotel has been achieving high occupancy and room rates, pointing to the viability of a resort hotel at Fairy Point Hill, she says.

Using the site for a recreational club might not generate a sufficient return given the chequered financial performance of such clubs in Singapore and the short tenure of the site.

The 4.2-ha Fairy Point Hill site includes the old Commando Headquarters, which will have to be restored. The grand two-storey neo-classical building, built by the British in 1935, sits atop a hill. The maximum gross floor area (GFA) allowed for the project is 179,337 sq ft. The GFA for the old Commando HQ is about 29,063 sq ft.

The site is wooded with many mature trees, some of which must be kept.

URA says the release of the site will help realise its vision of Changi Point being developed as an attractive seaside resort and recreational destination while protecting rustic charm. The tender for the site closes on June 20.
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