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Lucrum Capital asking S$155M for Singapore hotel development site

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Lucrum Capital asking S$155M for Singapore hotel development site

Real estate private equity firm Lucrum Capital Pte. Ltd. is seeking offers of over S$155 million for a freehold hotel development site in Singapore's Orchard Road precinct.

The 13,148-square-foot property along Killiney Road has a 2.8 gross plot ratio. Subject to necessary approvals, the site can be redeveloped into a six-story hotel with 115 rooms and a total gross floor area of approximately 40,000 square feet.

Cushman & Wakefield and Jones Lang LaSalle Inc.'s Hotels & Hospitality Group are Lucrum Capital's advisers. The property is being marketed through an expression of interest exercise, which will close Oct. 16.

As of Sept. 9, US$1 was equivalent to S$1.38.