AN ICONIC stretch of colonial buildings on Stamford Road will be transformed into a vibrant retail, hotel, residential and arts precinct after the plum site was sold for $250 million yesterday.

A new 15-storey building with shops, eateries and apartments will rise above the conserved heritage buildings Stamford House, Capitol Building, Capitol Theatre and Capitol Centre as part of the $700 million redevelopment, which inludes the land cost.

The winner of a closely watched tender for the 1.43ha 99-year leasehold site was announced yesterday by the Urban Redevelopment Authority (URA).

It is a consortium formed by Mr Pua Seck Guan, the founder of Perennial Real Estate Group, Mr Kwee Liong Seen of Pontiac Land and Top Global's Top Property Investment. Its bid was the highest of three shortlisted tenderers, whittled down from 14 submissions.

Capitol Building and Stamford House will be restored and converted into a new luxury five-star hotel. Capitol Theatre will be transformed into a cinema-cum-performance theatre with up to 1,000 seats.

Theatre groups will be given in-residence status to use the theatre and stage performances for part of the year. For the remaining part of the year, it will be used by film distributor Golden Village.

New look for Capitol area