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A freehold eight-storey boutique hotel (pictured) occupying a land area of about 3,725 sq ft has been put up for sale by auction, Colliers International announced Wednesday (5 November).
Located at 44 Lorong 6 Geylang, between Guillemard Road and Geylang Road, the property offers double road frontages. It comprises 56 guest rooms , 7 car park lots, and a total gross floor area is approximately 12,238 sq ft.
According to Colliers, the subject site is zoned for Residential/Institution” use with a gross plot ratio of 2.8.
“Hotel supply in the immediate location is expected to remain stable in the near future, as it is unlikely that the authority will approve new sites for “Hotel” use. Hence, this offer is timely for current hotel operators or investors to seize the opportunity to invest into the hospitality industry,” said Grace Ng, Deputy Managing Director of Colliers International.
“The government’s continued efforts to sustain tourism growth will help support healthy visitor arrivals and boost the Average Room Rate (ARR) and revenue per available room. The subject property has consistently achieved a stable occupancy rate of 80-90 per cent, which will translate to a sustainable yield for the potential buyer,” says Ng.
The property has an indicative price of S$25 million and will be auctioned on 21 November.
Image source: Colliers International
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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