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Hotel Kai, a 999-year boutique hotel. Photo: Colliers International
The 32-room Hotel Kai carries an indicative price of $28.8 million, which works out to around $3,345 per sq ft (psf) or $900,000 per key, revealed marketing agent Colliers International.
Located within Singapore’s Civic District in Bugis at 14 Purvis Street, the conservation shophouse underwent modernisation and restoration works in 2010.
It is nestled on a site zoned for “Hotel” use, which means foreigners can acquire the boutique hotel with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
Steven Tan, Senior Director, Investment Services at Colliers International, revealed that the property is being sold with vacant possession, representing a “great opportunity for rebranding or repositioning the asset”.
“This is an investment property which is the epitome of technical efficiency. Notably, as part of its modernisation process, this property has both a fully equipped kitchen and fully functioning bar,” he said.
“These types of properties are very versatile and are always considered a good investment,” added Tan.
Photo: Colliers International
The four-storey building at 8 Kim Keat Road, on the other hand, carries an indicative price of $9.5 million, which works out to around $1,335 psf.
Located near the Novena Medical Hub, the freehold corner building enjoys prominent road frontage. It occupies a 2,015 sq ft site that is zoned for Residential with Commercial at First Storey use under the 2019 Master Plan, with a plot ratio of 3.0.
The building was refurbished in 2012 and has a built-up area of 7,112 sq ft. It is currently fully leased, offering investors an opportunity to purchase an immediate income-generating asset within the City Fringe.
“This is a well-appointed purpose-built property that is suitable for co-living spaces. The current pandemic situation has encouraged remote working and a shift from working in traditional office spaces. This, together with a ready catchment of employment in the Novena Medical Hub, we envisage a buoyant and positive demand for co-living spaces,” said Tan.
“Future development plans in this district will allow for better accessibility and greater convenience in and about the area. This will only add to the feasibility of co-living spaces in the vicinity,” he added.
The EOI exercise for 8 Kim Keat Road closes on 7 April and on 8 April for Hotel Kai.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg