Good to see so much interest! 'Price per key' is a key measure used to value a hotel. I don't think it is a aggressive for Amara. Wanderlust, a boutique hotel in Little India, sold for S$1.3m per key. Another hotel in the same vicinity - Park Hotel Farrer Park - is asking for the same. In terms of location, Amara's Tanjong Pagar is definitely more prime.
In fact, EL Development PAID what is effectively $1.3m per key for his site in Hill Street. The total development cost of his 300-room hotel works out to $438m. Given that his cost is $1.3m per key, how much do you think it will be placed on the market? Like Tanjong Pagar, Hill Street is also on the fringe of CBD.