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The group, along with its parent company, UOL Group, has a majority stake after a series of acquisitions made in 2019. Of the three hotels, UOL and SingLand own Parkroyal Collection Marina Bay and Pan Pacific Singapore while SingLand owns a 50% stake in Mandarin Oriental. Mandarin Oriental Hotel Group, under the Jardine Matheson group of companies, owns the remaining 50%.
The application, which was seen in a proposed amendment to URA’s masterplan that was published on Aug 1, involved rezoning a portion of the site from “hotel” to “residential with commercial at first storey”. The application also stated the removal of the gross plot ratio of two plots occupied by the mixed-use development along Raffles Boulevard. Marina Square is currently zoned for hotel use with a plot ratio of 3.4. The plots may also be used for commercial or residential use as long as they don’t go over 40% of the total floor area.
The proposed rezoning means that SingLand has already received in-principle approval from the authorities to build residential units on its property, says The Straits Times.
According to the paper, the proposed rezoning for residential use spans some 3,700 sqm and will include a part of the swimming pool at Parkroyal Collection Marina Bay and a part of the shopping mall.
Based on SingLand’s annual report for the FY2022 ended Dec 31, 2022, the mall has a committed occupancy of 98%.
See also: CapitaLand Development and UOL granted green light to acquire Thomson View property
A spokesperson for SingLand said that it would reveal details upon any “material developments”.
As at 9.28am, shares in SingLand are trading flat at $2.01.
