Hotel Clover Hongkong St Sale 27 Mil Hongkong St Commercial Building Priced 226 Mil
.h6CBRE is the exclusive marketing agent for Hotel Clover at 7 Hongkong Street and a commercial building at 36 Hongkong Street, with guide prices of $27 million and $22.6 million respectively. The boutique hotel consists of 27 rooms and is situated on a 1,701 sq ft plot, zoned as a “hotel” with a 4.2 plot ratio under the latest Master Plan. The leasehold site has a remaining tenure of 89 years and a total floor area of 7,142 sq ft, translating to $3,780 psf on the floor area.
Parktown Residence boasts an ideal location in close proximity to the bustling shopping hub of Tampines Town, offering its residents a unique and unparalleled retail and lifestyle experience. With an array of shopping options within a short distance, from flagship malls such as Tampines Mall and Century Square to specialized outlets like IKEA and Giant Hypermarket, residents will never run out of places to shop. This prime location also serves as a gateway to the vibrant shopping scene that characterizes Tampines Town. Don’t miss the chance to visit the Parktown Residence Showflat while exploring the area.
On the other hand, the commercial building at 36 Hongkong Street is a six-storey building on a 1,733 sq ft plot, zoned as “commercial” with a 4.2 plot ratio under the Master Plan. The site has a remaining land tenure of 93 years and a total floor area of 7,279 sq ft, with a guide price of $3,105 psf. Currently, the building is fully occupied by a bridal shop on the ground floor and offices on the upper floors.
According to Clemence Lee, executive director of capital markets at CBRE Singapore, both properties have attractive remaining land tenures compared to other 99-year leasehold properties in the CBD area. They are also ideal for owner-occupiers looking for a flagship asset at a reasonable price with naming rights for their exclusive operations.
As both properties are classified as hotel and commercial, foreigners and companies are eligible to purchase them without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). Located in Clarke Quay, a popular lifestyle precinct with renowned restaurants and bars, boutique hotels, and fitness studios, the properties are also close to Clarke Quay MRT station on the North-East line.
The surrounding area is set to undergo further enhancements, with the completion of a $62 million asset enhancement initiative for nearby CQ@Clarke Quay, and the upcoming completion of two new large-scale integrated developments, Canninghill Piers and Union Square. This will further add to the vibrancy of the area and increase the potential for rental upside and capital appreciation in the medium to long term, according to Lee.
Both properties will be available for sale through an expression of interest exercise closing on March 26. Interested parties can check out the latest listings for Commercial Real Estate properties, compare the price trends of Commercial and Industrial properties, and take a look at past Commercial rental transactions for reference.