Freehold, three-storey Sandpiper Hotel on sale at $35 mil
By Hailey Yu
/ EdgeProp Singapore |
EDGEPROP (SINGAPORE) - Sandpiper Hotel, a freehold, three-storey hotel with a basement level, is on the market at a guide price of $35 million via expression of interest (EOI), according to a Savills press release on Oct 26, the sole marketing agent for the property.
Located along Dunlop Street and Perak Road within the Jalan Besar/Little India precinct, the property was built in 2005 and sits on a land area of 2,750 sq ft zoned for commercial use. It has been approved for hotel use. (Find Singapore commercial properties with our commercial directory)
The hotel comprises 29 hotel rooms accessible via a passenger lift to all floors. Part of the ground floor is currently leased out to a F&B operator as al-fresco dining and a small kiosk will be carved out to operate as a money exchange in the near term.
Located at a corner plot with 35m of dual road frontage, the property has a high footfall throughout the day and a high occupancy rate through the year from local and overseas travellers.
The buyer and operator has potential naming and signage rights.
The city fringe locale is a lifestyle enclave filled with a diverse mix of new residential developments, F&B eateries, historic temples and cultural destinations.
“The boutique hotel offers a palatable investment quantum and has value-add potential by repositioning as a serviced or co-living apartment with longer but flexible lease terms,” says Jeremy Lake, managing director of investment sales & capital markets at Savills.
It is a short drive to the Central Business District and is also poised to benefit from the influx of international tourists, he adds.
Commercial transactions within 1km of the Sandpiper Hotel (Source: EdgeProp Landlens)
Foreigners and companies are eligible to purchase the property and no Additional Buyer Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) will be imposed.
The EOI exercise will close on Dec 2 at 3pm.
Check out the latest listings near Dunlop Street, Perak Road
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