An Ibis hotel could soon grace the Town Hall end of Sydney's central business district after Singaporean-based investment firm, Well Smart Investment Group submitted plans for a 15-storey hotel at 206A-208 Clarence Street.

The company has committed $23 million to build a 101-room hotel building with a basement at the site formerly owned by Paramount Pictures Australia. 

Paramount Pictures sold the site which has a seven-storey commercial building with a rooftop terrace to Well Smart for $8.53 million in late 2014.

Development plans indicate the hotel on the heritage site will have a Clarence Street frontage and a reception area which will feature a bar and barista station. 

The building's Market Row frontage will feature a trendy meeting area. K2LD Architects are working on the project with planning consultants, SJB Planners. 

The planned density for the hotel will be 1.4 occupants per room on average similar to the Ibis Hotel nearby at King Street Wharf. 

Accor Hotels was unable to comment because agreements have not been signed. 

Well Smart also has a 39-storey apartment tower project in Melbourne CBD at 399 Little Lonsdale Street. The group picked up the coveted site from Clement Lee's Riverside Group in 2013.