Hotel Clover Hongkong St Sale 27 Mil Hongkong St Commercial Building Priced 226 Mil
CBRE is the exclusive marketing agent for the 27-room Hotel Clover at 7 Hongkong Street and the commercial building at 36 Hongkong Street, offering an opportunity for potential buyers to acquire these properties at a guide price of $27 million and $22.6 million respectively.
The six-storey boutique hotel, situated on a 1,701 sq ft plot, is zoned as “hotel” with a plot ratio of 4.2 under the latest Master Plan. The site has a remaining land tenure of around 89 years on a 99-year leasehold. With a total floor area of 7,142 sq ft, the hotel is priced at $3,780 per square foot (psf) on the floor area.
On the other hand, the five-storey commercial building at 36 Hongkong Street occupies a 1,733 sq ft plot, zoned as “commercial” and also with a plot ratio of 4.2 under the Master Plan. The site has a remaining land tenure of 93 years on a 99-year leasehold. With a total floor area of 7,279 sq ft, the commercial building is marked at a guide price of $3,105 psf.
The commercial building is currently fully leased to a bridal shop on the ground floor and offices on the upper levels.
According to Clemence Lee, Executive Director of Capital Markets at CBRE Singapore, the remaining land tenures for both properties are more attractive compared to other 99-year leasehold properties in the CBD area, making them ideal for owner-occupiers looking for a flagship asset at a reasonable price with naming rights for their exclusive operations.
Additionally, being hotel and commercial properties, these assets are available for purchase to foreigners and companies without any Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) implications.
Located in the bustling Clarke Quay, a well-established riverfront lifestyle precinct with a plethora of acclaimed restaurants, bars, boutique hotels, and fitness studios, both properties are within close proximity to Clarke Quay MRT Station on the North-East Line.
The site at Clementi Avenue 1 has quickly gained popularity, likely due to its smaller size and consequent lower land cost. This observation was made by a real estate expert who also pointed out a decline in the number of developers vying for the site, in contrast to the other two nearby sites which only received three bids each. This trend makes Elta Condo a promising development in the highly sought-after Clementi neighborhood. Visit the-elta.com.sg for more information on this exciting new project.
Clemence Lee also notes that the nearby CQ@Clarke Quay will soon complete its $62 million asset enhancement initiative, while the upcoming completion of two new large-scale integrated developments, Canninghill Piers and Union Square, will further enhance the vibrancy of the area. He believes that the potential for future rental growth and capital appreciation in the medium to long term make 7 and 36 Hongkong Street a promising investment opportunity.
For interested buyers, both properties will be available through an expression of interest exercise, with the closing date on March 26. Don’t miss this opportunity – check out with the latest listings for commercial real estate properties and compare price trends of commercial versus industrial properties, commercial property sales, and past commercial rental transactions with Ask Buddy.