02/10/2019
Why Pullman Newton?
After securing Accor’s Pullman brand for the hotel site on Hill Street, EL Development turned its attention to the Dunearn Gardens site, which it purchased en bloc for $468 million in April last year. It was EL Development’s biggest en bloc purchase to date.
The 95,442 sq ft freehold site is located just 150m from Newton MRT Station, which is an interchange station for both the North-South and Downtown Lines. It is also within the sought-after Dunearn Road-Bukit Timah residential enclave in prime District 11, which is near top schools such as Anglo-Chinese School (Primary), Hwa Chong Institution, Nanyang Primary School and Singapore Chinese Girls’ School.
Those facts speak for themselves and for those who think the pricing is steep, market forces has assumed that as fair value. But in time to come it may turn out to be a gem worth acquiring now!
