Properties for sale: boutique hotels in Little India and Joo Chiat, office building on New Bridge Road

By Nicholas Lam

/ EdgeProp Singapore |

August 28, 2024 1:00 PM SGT

The 70-key hotel on Joo Chiat Road has a floor area of 22,925 sq ft including 4,862 sq ft of retail space on the ground floor (Credit: Savills Singapore)

Two boutique hotels in Joo Chiat, Little India for sale at $123 mil

A portfolio of two boutique hotels is up for sale via expression of interest (EOI) with a guide price of $123 million, according to a press release by joint marketing agents, Savills Singapore and CBRE.

The portfolio consists of a four-storey hotel at 51 Joo Chiat Road and a two-storey-with-attic hotel at 22 Belilios Lane. The hotels can be bought collectively or individually.

The 70-key hotel on Joo Chiat Road sits on a site spanning about 7,629 sq ft. The building has an estimated total floor area of 22,925 sq ft including 4,862 sq ft on the ground floor housing the hotel lobby and a retail unit. The property has a guide price of $60 million, which translates to $2,617 psf on the floor area or $857,143 per key.

According to Savills Singapore, the property will be sold with vacant possession. It is a 99-year leasehold property with about 70 years remaining on its lease.

The hotel sits within the Joo Chiat Conservation Area and is 700m away from Paya Lebar MRT Interchange Station for the East-West and Circle Lines. It is surrounded by popular landmarks such as the Geylang Serai Market and Joo Chiat Complex.

The 68-key hotel along Belilios Lane consists of 12 adjoining conservation shophouses occupying a total land area of 13,130 sq ft. The two-storey shophouses all come with an attic and have a total estimated total floor area of 25,540 sq ft. This includes nine retail units on the ground floor spanning 3,750 sq ft.

The 68-key hotel along Belilios Lane consists of 12 adjoining conservation shophouses with an attic and includes nine retail units on the ground floor. (Credit: Savills Singapore)

The Belilios Lane hotel has a guide price of $63 million, which works out to $2,467 psf on the floor area or $926,471 per key. The property is currently tenanted to co-living operator Dash Living, according to Savills Singapore. Details of the tenancy agreement will be released to interested buyers who sign a non-disclosure agreement.

Similar to the Joo Chiat hotel, the Belilios Lane hotel has a 99-year leasehold tenure with about 70 years remaining. It occupies a corner plot with 90m of dual frontage along Belilios Lane and Belilios Road. It sits within the Little India Conservation Area and is 350m away from Little India MRT Interchange Station for the North East and Downtown Lines.

Latest shophouse transactions in the Little India Conservation Area. (Source: EP Buddy, URA)

As these are commercial properties, foreigners and companies are eligible to purchase them with no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) imposed on the sale.

The EOI exercise for the portfolio will close on Oct 7.

Zoned for commercial use, the building has a land area of about 5,471 sq ft and a gross floor area (GFA) of 22,677 sq ft. (Credit: Cushman & Wakefield)

Five-storey commercial building on New Bridge Road for sale at $45 mil

A five-storey office building with a mezzanine level located at 49 and 53 New Bridge Road is on the market with a guide price of $45 million, according to Cushman & Wakefield (C&W) in an August 27 press release. The property is up for sale through a public tender exercise.

Zoned for commercial use, the building has a land area of about 5,471 sq ft and a gross floor area (GFA) of 22,677 sq ft. This reflects a price of $1,984 psf based on the GFA. It also has 31m of street frontage along New Bridge Road.

The property stands on four separate plots of land – two freehold plots and two 99-year leasehold plots. The 99-year leasehold plots have 16-years and 26-years remaining on their respective leases.

According to C&W, incoming buyers can unlock the future growth potential of the property by applying for a lease top-up and applying for a possible Change of Use for the property. Currently, the building is approved for office use, but it could be changed to also include use as a restaurant or commercial school across part or all floors. Both measures are subject to the approval of relevant authorities.

“More investors in the mid-cap market have been seeking value-add or redevelopment opportunities. However, they are often constrained by conservation guidelines, particularly with CBD shophouses. This makes 49/53 New Bridge Road attractive due to its CBD fringe location, palatable investment quantum, and unique redevelopment potential, including a possible fresh 99-year lease renewal,” says Shaun Poh, executive director of capital markets at Cushman & Wakefield.

The property is within walking distance to Clarke Quay MRT Station and Chinatown MRT Station, offering connectivity to the North-East and Downtown lines.

The tender for the property closes on October 8.

Tags:

Conservation Shophouse

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