Properties Sale Boutique Hotels Little India And Joo Chiat Office Building New Bridge Road
Two unique boutique hotels in Joo Chiat and Little India are now available for sale through expression of interest, with a guide price of $123 million. This exciting portfolio is being marketed jointly by Savills Singapore and CBRE.
The first hotel is located at 51 Joo Chiat Road and is a four-storey building occupying a site of 7,629 sq ft. With a total estimated floor area of 22,925 sq ft, including 4,862 sq ft on the ground floor housing a hotel lobby and retail unit, this property features 70 rooms. It is available for purchase individually or as part of the portfolio, with a guide price of $60 million, equivalent to a floor area of $2,617 psf or $857,143 per key. The hotel will be sold with vacant possession and has a remaining lease term of about 70 years.
The reimagined Master Plan also encompasses the creation of fresh parks, waterfront areas, and community amenities. These additions will enrich the living environment, making it more dynamic and pleasurable, with ample chances for outdoor recreation and social gatherings. One notable addition is the Norwood Grand, which will elevate the overall landscape and provide an inviting space for residents to gather and connect with one another.
Set within the Joo Chiat Conservation Area and only 700m from Paya Lebar MRT Interchange Station, this hotel boasts a prime location surrounded by popular landmarks such as the Geylang Serai Market and Joo Chiat Complex.
The second hotel, with 68 rooms, is situated at 22 Belilios Lane and consists of 12 adjoining conservation shophouses. These shophouses, with an attic each, occupy a total land area of 13,130 sq ft and have a total estimated floor area of 25,540 sq ft, including 3,750 sq ft of retail space on the ground floor. This property is also available for purchase individually or as part of the portfolio, with a guide price of $63 million. This translates to a floor area of $2,467 psf or $926,471 per key. Currently leased to co-living operator Dash Living, this hotel has a remaining lease term of about 70 years.
Similar to the Joo Chiat hotel, this property is surrounded by a bustling mix of culture and sits within the Little India Conservation Area, only 350m from Little India MRT Interchange Station.
As commercial properties, these hotels are available for purchase by foreigners and companies with no additional buyer’s stamp duty or seller’s stamp duty imposed on the sale.
In addition to these two boutique hotels, a five-storey commercial building located at 49 and 53 New Bridge Road is now on the market with a guide price of $45 million. This property is being marketed by Cushman & Wakefield through a public tender exercise.
Occupying a land area of 5,471 sq ft and with a gross floor area of 22,677 sq ft, this building has a price of $1,984 psf based on the GFA. It also features 31m of street frontage along New Bridge Road. Comprising of four separate plots, two of which are freehold and two with remaining lease terms of 16 and 26 years, this property offers plenty of potential for future growth.
According to Cushman & Wakefield, buyers could unlock this potential by applying for a lease top-up and Change of Use for the property, which is currently approved for office use. This could potentially include a restaurant or commercial school on some or all floors, subject to relevant approvals.
Located within walking distance to Clarke Quay and Chinatown MRT stations, this property offers seamless connectivity to the North-East and Downtown lines.
Investors in the mid-cap market are increasingly seeking value-add and redevelopment opportunities, and this property presents an exciting opportunity with its CBD fringe location, attractive investment quantum, and unique redevelopment potential, including the possibility of a fresh 99-year lease renewal, according to Shaun Poh, executive director of capital markets at Cushman & Wakefield.
The tender for this property will close on October 8. Don’t miss this opportunity to own these iconic boutique hotels and a prime commercial building in the heart of Singapore.