Regin Hotel along Sims Avenue up for sale at $20 mil
By Angela Teo
/ EdgeProp |
Regin Hotel along Sims Avenue has been put up for sale by Expression of Interest (EOI). According to exclusive marketing agent Savills Singapore, the indicative price of the freehold property is $20 million, which works out to be an average of $435,000 per key.
Located near the junction of Sims Way and Sims Avenue, at the fringe of Geylang, Regin Hotel currently operates as budget accommodation. Comprising 46 rooms – ranging from single suites to family suites – across five levels, the hotel caters predominantly to travellers from Asean cities and corporate clients from the nearby industrial estate, says Savills.
According to Savills Singapore, Regin Hotel is approximately 600m or eight minutes’ walk to Kallang MRT station. Nearby institutions include the Sims Drive campus of James Cook University Singapore.
Source: Savills Singapore
Philip Ng, director of investment sales at Savills Singapore, comments that at the indicative quantum price, Regin Hotel is affordable and palatable for both investors and owner-operators. Interested parties can consider repositioning the hotel to a themed boutique hotel or a hip and trendy hostel that appeals to the adventurous millennial, he adds.
The EOI exercise closes on Nov 15.
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