F&B firm Les Pte Ltd wins tenancy for former Alkaff Mansion
By Travis Teo | Posted: 18 June 2010 1201 hrs
SINGAPORE: Food and beverage firm LES Pte Ltd has clinched the tenancy for the former Alkaff Mansion at Telok Blangah Green.
Its top bid of S$79,251 per month beat eight other contenders in the tender by the Singapore Land Authority.
LES will lease the property for an initial period of three years, and the tenancy could be renewed for another two terms of three years each.
The top offer is around three times the monthly guide rent of about $28,100 stipulated by SLA. And it is almost double the second highest bid.
The site near Mount Faber can be used as a restaurant, art gallery, spa or museum.
LES is keeping its plans under wraps for now, but hinted to MediaCorp that a new high-end dining concept is on the way.
When contacted, Les would only say that it will reveal the identity of the new chef on the coming Monday.
The targets, according to market watchers, will be tourists and corporate high-spenders.
The former Alkaff Mansion, built in the 1920s, was designated a conservation building on in June 2005.
It was previously a popular venue for weddings.
The site has a land area of about 9,000 square metres and an approximate gross floor area of 1,220 square metres.
Analysts say renovations for the property will not come cheap.
Donald Han, managing director of Cushman & Wakefield, said: "....you probably need to spend, easily, about $1 million, $1.1 million to retrofit it into specific concept like F&B, which means that will push up your cost in terms of operating on a break-even basis - close to about $4 to $4.50 per square foot."