Bookmark & Share
A 90-room budget hotel along Serangoon Road has been put up for sale by expression of interest, with a guide price of S$90 million (S$1 million per room), reported The Business Times.
Situated on a 4,838 sq ft site, The Claremont has a built-up area of around 30,591 sq ft. The freehold site is zoned for hotel use with a plot ratio of 3.0 under the Master Plan 2014, said Mary Sai, Executive Director of Investment and Capital Markets at Knight Frank Singapore, which is marketing the property.
The Claremont is owned by a company that lists US-based hotelier and Singapore PR Parvinder Chopra as its sole shareholder. It is located in District 8, near Farrer Park MRT station, City Square Mall and Mustafa Centre.
“Investors could potentially reposition the hotel by reconfiguring and adding more rooms, subject to approval from the relevant authorities,” said Sai.
Industry players note that the Hotel Grand Chancellor in Belilios Road was sold at S$248 million (approximately S$756,100 per room) in 2014. The 328-room hotel sits on a site that had a balance lease term of around 92 years at the time. The Claremont is considered to be in a superior location with a better land tenure.
Meanwhile, a retail unit at Bukit Timah Plaza is also being marketed by Knight Frank. The property has an indicative price of around S$6.8 million, which works out to around S$2,000 psf for the 3,390 sq ft unit. With 59 years remaining on its lease, the unit is located in basement 2 and is currently occupied by a restaurant.
Sai revealed that the owner of the property is looking to retire, and as such, wants to cash out his investment in the property. The expression of interest (EOI) exercise for both The Claremont and the Bukit Timah Plaza unit will close on 28 July.
Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories, email cheryl@propertyguru.com.sg
Related Articles:
Singapore REITs with UK exposure to face market jitters as Brexit looms