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News Release


Completion of Sale for Paramount Hotel & Shopping Centre

First Collective Sale involving a hotel component

SINGAPORE, 4 October 2011 –
Jones Lang LaSalle (“JLL”) and Jones Lang LaSalle Hotels (“JLLH”) are pleased to announce the
successful completion of the sale of the Paramount Hotel & Shopping Centre for SGD
214,000,000 to Orchard Mall Pte Ltd, a member of Far East Organization.
Under the terms and conditions of sale, the ex-owner, YTC Hotels Ltd. will continue to operate
the hotel for six (6) months after the completion. Date of handover has yet to be decided but is
expected to be around early February 2012. YTC also owns and operates the 600-room
Peninsula.Excelsior Hotel at Coleman Street and the 400-room Menara Peninsula Hotel in
Jakarta, Indonesia.
Occupying a prominent location at Marine Parade and East Coast Road, the freehold property is
currently configured as a 229-key hotel and a shopping arcade housing 95 shops.
Quek Soh Hoon, National Director JLL commented “This is a first collective sale involving a hotel
component and the successful completion of the subject site demonstrates the continued desire
for local developers to secure strategically well located sites with established amenities for
Tom Oakden, Executive Vice President JLLH added “Singapore’s hotel market continues to
perform strongly in parallel with increasing levels of international visitor arrivals. The new owner
will be able to capitalise on this rising trend and continue the hotel use with some A&A works and
asset repositioning.”
The 102,685 sq ft site, zoned for ‘Hotel’ use under the 2008 Master plan, has a gross plot ratio of
up to 3.0. Formerly, the site was zoned as “Local Shopping” use under 1958 and 1980 Master
In future, subject to planning approval from the authorities, the freehold site with a potential gross
floor area of up to 308,056 sq ft has varied redevelopment options such as Hotel, Commercial,
Residential or a combination thereof.
Parkway Parade, Roxy Square and the Grand Mercure Roxy Square Hotel are some of the
developments near Paramount Hotel & Shopping Centre.