Properties Sale Boutique Hotels Little India And Joo Chiat Office Building New Bridge Road
A portfolio of two boutique hotels in Joo Chiat and Little India is now up for sale through expression of interest (EOI), with a guide price of $123 million, revealed joint marketing agents Savills Singapore and CBRE in a press release.
The portfolio comprises of a four-storey hotel located at 51 Joo Chiat Road and a two-storey-with-attic hotel at 22 Belilios Lane. Both hotels can be purchased together or separately.
The first hotel, situated on Joo Chiat Road, has 70 keys and sits on a 7,629 square feet land area. The building has a total estimated floor area of 22,925 square feet, which also includes a retail unit and a hotel lobby on the ground floor spanning 4,862 square feet. This hotel is priced at $60 million, which translates to $2,617 per square foot for the floor area or $857,143 per key.
According to Savills Singapore, the hotel will be sold with vacant possession and is currently on a 99-year leasehold with about 70 years left.
Amidst the Joo Chiat Conservation Area, the hotel is only 700 metres away from the Paya Lebar MRT Interchange Station, making it easily accessible. Furthermore, it is surrounded by popular landmarks such as the Geylang Serai Market and Joo Chiat Complex.
The second hotel, located along Belilos Lane, has 68 keys and comprises of 12 adjoining conservation shophouses, spanning a total land area of 13,130 square feet. All the shophouses have an attic, with a gross floor area of 25,540 square feet. Nine of these shophouses have retail units on the ground floor, spanning a total of 3,750 square feet.
The hotel along Belilos Lane is priced at $63 million, which equates to $2,467 per square foot for the floor area or $926,471 per key. The property is currently leased to co-living operator Dash Living, as per Savills Singapore’s statement. Interested buyers can request for the details of the tenancy agreement only after signing a non-disclosure agreement.
Similar to the Joo Chiat hotel, this property is also on 99-year leasehold with approximately 70 years left. Additionally, it has 90 metres of dual frontage along Belilios Lane and Belilios Road. This hotel is situated within the Little India Conservation Area, and is also close to the Little India MRT Interchange Station, offering connectivity to both the North East and Downtown Lines.
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As both properties are commercial, foreigners and companies are eligible to purchase without facing additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
The EOI exercise for the portfolio will conclude on October 7.
Commercial property for sale – five-storey building on New Bridge Road priced at $45 mil
A five-storey office building on New Bridge Road with a mezzanine level at 49 and 53 New Bridge Road is now up for sale at a guide price of $45 million, revealed Cushman & Wakefield (C&W) in a press release on August 27.
The 22,677 square feet office building is zoned for commercial use and has a land area of 5,471 square feet. Based on the gross floor area (GFA), the building is priced at $1, 984 per square foot and has a 31-metre street frontage along New Bridge Road.
The property is built on four separate pieces of land – two on freehold land and two on 99-year leasehold plots, which have 16 years and 26 years left on their respective leases.
According to C&W, the new owner can unlock its growth potential by applying for a lease top-up and requesting a possible Change of Use for the building. The building is currently approved for office use, but a part or all of the floors can be converted for use as a restaurant or commercial school subject to the approval of relevant authorities.
Shaun Poh, executive director of capital markets at Cushman & Wakefield, said that more investors in the mid-cap market are seeking value-add or redevelopment opportunities, but are often restricted by conservation guidelines for CBD shophouses. However, 49/53 New Bridge Road’s location in the CBD fringe area, affordable investment quantum, and unique redevelopment potential, attract investors.
The office property is within walking distance from Clarke Quay MRT Station and Chinatown MRT Station, which provide connectivity to both the North-East and Downtown Lines.
The sales tender for the property will close on October 8.