Hotel Clover at Hongkong St on sale for $27 mil; Hongkong St commercial building priced from $22.6 mil
By Ashley Lo
/ EdgeProp Singapore |
27-room Hotel Clover at 7 Hongkong Street is on the market at a guide price of $27 million (Picture: CBRE)
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CBRE is the exclusive marketing agent for the 27-room Hotel Clover at 7 Hongkong Street, which is on the market at a guide price of $27 million. At the same time, CBRE is also marketing the sale of a commercial building at 36 Hongkong Street, which has a guide price of $22.6 million.
The six-storey boutique hotel sits on a 1,701 sq ft plot that is zoned “hotel” with a plot ratio of 4.2 under the latest Master Plan. The 99-year leasehold site has a remaining land tenure of around 89 years. The hotel has a total floor area of 7,142 sq ft. The price translates to $3,780 psf on the floor area.
Meanwhile, the five-storey commercial building at 36 Hongkong Street sits on a 1,733 sq ft plot that is zoned “commercial” with a plot ratio of 4.2 under the Master Plan. The 99-year leasehold site has a remaining land tenure of 93 years. The building has a total floor area of 7,279 sq ft and the guide price translates to $3,105 psf. The commercial building is fully leased to a bridal shop on the ground floor and offices on the upper floors.
“Both assets have relatively more attractive remaining land tenures as compared to the majority of other 99-year leasehold properties that are available for sale in the CBD area. They will also be ideal for owner-occupiers who are seeking a flagship asset of a palatable quantum with naming rights for their exclusive operations,” says Clemence Lee, executive director of capital markets at CBRE Singapore.
Since both sites are hotel and commercial properties, foreigners and companies are eligible to purchase both assets without incurring Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) on the transactions.
The properties are in Clarke Quay, an established riverfront lifestyle precinct with several acclaimed restaurants and bars, boutique hotels and fitness studios in the area. Both properties are also close to Clarke Quay MRT Station on the North-East Line.
The nearby CQ@Clarke Quay will complete a $62 million asset enhancement initiative, while the upcoming completion of two new large-scale integrated developments, Canninghill Piers and Union Square, will enhance the vibrancy of the area, says Lee, who adds: “7 and 36 Hongkong Street present excellent potential for future rental upsides and capital appreciation in the medium to long term.”
Both properties will be sold in an expression of interest exercise that closes on March 26.
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