SINGAPORE (EDGEPROP) - Regin Hotel, a freehold four-storey hotel at 56 Sims Avenue, has been put up for sale with a guide price of $23 million. CBRE is the sole marketing agent, and the sale will be conducted through an Expression of Interest (EOI) exercise.

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Located at the junction between Sims Avenue and Lorong 9 Geylang, Regin Hotel enjoys prominent street level visibility. The property sits on a 3,172 sq ft site and based on the 2019 Master Plan, it is zoned ‘Residential/Institution’ with a gross plot ratio of 3.0. (See: Check all latest Singapore property Market Trends)

“Being strategically located between two major growth centres – Paya Lebar Regional Centre and the Kallang Riverside Precinct, the property is well-positioned to benefit from a strong spillover of commercial activities,” says Clemence Lee, senior director of capital markets, Singapore at CBRE.

He adds that the new owner can expect strong rental and capital appreciation in the medium- to long-term.

The hotel has obtained permanent approval to operate as a boarding house and the property features 46 rooms, a lift, four carpark lots, and an internal courtyard. It has a total gross floor area of about 10,620 sq ft.

The guide price of $23 million works out to about $500,000 per key or $2,166 psf on the total floor area.

“Given the palatable quantum of Regin Hotel, we expect keen interest from high-net-worth individuals, corporate investors and family offices, who are looking to expand their hospitality footprint,” says Lee.

The EOI will close on Oct 14.

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