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Tristar Hotel (pictured), a four-storey hotel with 115 rooms in District 15 has been put up for sale via expression of interest (EOI), said marketing agent Knight Frank.
The guide price for the 99-year leasehold property is in the range of $73 million to $75 million, which works out to about $634,000 to $652,000 per key.
The hotel enjoys triple frontages along Changi Road, Joo Chiat and Onan Road, and features spacious rooms ranging from 26 sq m to 41 sq m. Facilities include a business centre on the first floor and a swimming pool on the third floor. With a strata area of 5,398 sq m, the site is zoned for hotel use under the 2014 Master Plan.
“This presents an opportunity for hoteliers to run it as a flagship hotel as vacant possession can be granted upon sale. Investors potentially could reposition the hotel by reconfiguring the room layout to increase efficiency, subject to approval from relevant authorities,” said Ian Loh, Executive Director & Head, Investment & Capital Markets at Knight Frank Singapore.
“Should the investors want to seek stable income stream, the vendor is also open to a sale and leaseback arrangement.”
Located within proximity to Paya Lebar Central, the property offers easy connectivity as it is near the Paya Lebar MRT station. It is also well-connected to major roads and expressways, such as Sims Avenue, Changi Road, Paya Lebar Road, the ECP and the PIE.
Loh expects the property to “attract good interest in view of the project’s relatively affordable investment size”.
“In addition, we anticipate that there may be potential spillover effects from the commercial buzz in the Paya Lebar area.”
The EOI exercise for the property will close on 6 April.
Image source: Knight Frank Singapore
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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