SINGAPORE (EDGEPROP) - Hotel Compass, a freehold hotel on Lorong 22 Geylang, is up for sale by public tender, announced the sole marketing agent Knight Frank Singapore. The guide price for the hospitality development is $23 million to $25 million, which translates to about $4,890 to $5,315 psf on the land area.
The eight-storey development sits on a 4,703 sq ft site that is zoned for “commercial/institution” use, with a gross plot ratio of 2.8, under the 2014 Master Plan. The 49-room hotel also has a gross floor area of about 16,000 sq ft.
“Hospitality is a very well sought-after asset class in Singapore, and the hotel is ideal both for investors and end-users with its palatable sale quantum,” says Ian Loh, head of investment and capital markets at Knight Frank Singapore. “Furthermore, the property is only a short drive to the rejuvenated Paya Lebar commercial hub, where hotel guests can enjoy a wide array of leisure, entertainment and dining amenities.”
The site is also in proximity to Aljunied MRT Station on the East-West Line and Mountbatten MRT Station on the Circle Line. It is a 20-minute drive to the CBD and Changi Airport.
The public tender will close on Nov 1.
For price trends, recent transactions, other project info, check out the Lorong 22 Geylang research page
Read also: