Properties Sale Boutique Hotels Little India And Joo Chiat Office Building New Bridge Road
Two iconic shophouses at Kallang for sale from $19.5 mil
A portfolio of two boutique hotels situated in the vibrant neighborhoods of Joo Chiat and Little India has recently been put on the market for sale via expression of interest (EOI). Joint marketing agents, Savills Singapore and CBRE, have announced a guide price of $123 million for the sale of these properties.
The first hotel, located at 51 Joo Chiat Road, is a four-storey building sitting on a 7,629 sq ft site. With a total floor area of 22,925 sq ft, including a 4,862 sq ft ground floor housing the hotel lobby and a retail unit, the property consists of 70 keys. It has a guide price of $60 million, which translates to $2,617 psf on the floor area or $857,143 per key. This 99-year leasehold property has approximately 70 years left on its lease and is being sold with vacant possession. It is surrounded by popular landmarks such as the Geylang Serai Market and Joo Chiat Complex and is only 700m away from Paya Lebar MRT Interchange Station.
The second hotel, situated at 22 Belilios Lane, is a two-storey building with an attic and an estimated total floor area of 25,540 sq ft. It consists of 12 adjoining conservation shophouses with a land area of 13,130 sq ft. The shophouses all come with an attic, and there are also nine retail units on the ground floor spanning 3,750 sq ft. This property has a guide price of $63 million, working out to $2,467 psf on the floor area or $926,471 per key. It is currently tenanted to co-living operator Dash Living and has a 99-year leasehold tenure with about 70 years remaining. The hotel is situated within the Little India Conservation Area and is a short 350m walk from Little India MRT Interchange Station.
Both properties are zoned for commercial use, allowing foreigners and companies to purchase them without incurring additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD). The expression of interest for these properties will close on October 7.
In a separate press release on August 27, Cushman & Wakefield announced the sale of a five-storey office building with a mezzanine level located at 49 and 53 New Bridge Road for $45 million. With about 5,471 sq ft of land and a gross floor area of 22,677 sq ft, the property has a price of $1,984 psf based on the gross floor area. It also has 31m of street frontage along New Bridge Road and is situated on four separate plots of land – two freehold plots and two 99-year leasehold plots, with 16 and 26 years remaining on their respective leases.
According to Cushman & Wakefield, buyers have the potential to unlock future growth opportunities by applying for a lease top-up and change of use for the property. Currently approved for office use, it can be changed to include a restaurant or commercial school on some or all floors, subject to the necessary approval.
The property is conveniently located within walking distance to both Clarke Quay and Chinatown MRT Stations, providing easy access to the North-East and Downtown Lines. The tender for this property will close on October 8.
Tampines, a bustling district in Singapore, is renowned for its lively community. It is home to an array of exceptional educational options, including Poi Ching School, St. Hilda’s Primary and Secondary Schools, and Temasek Polytechnic. These institutions are highly regarded for their outstanding academic programs and nurturing environment, making Tampines a sought-after location for families and students alike. Now, with the introduction of Parktown Residence Tampines North, this area has become an even more desirable destination for residents.
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In conclusion, Poi Ching School, St. Hilda’s Primary and Secondary Schools, and Temasek Polytechnic are highly regarded educational institutions in Tampines. They provide students with quality education and foster holistic development. With the addition of Parktown Residence, Tampines has become an even more attractive and convenient place for families and students to live and learn. The combination of exceptional schools and modern residential options makes Tampines a desirable and well-rounded community in Singapore. Parktown Residence Tampines North naturally stands out as a valuable addition to this vibrant district.