Claremont Hotel up for sale at above $70 mil

By
edgeprop.sg
|
March 13, 2019 1:00 PM SGT
The freehold Claremont Hotel along Serangoon Road has been put up for sale with a guide price of more than $70 million. The eight-storey hotel has an estimated gross floor area (GFA) of 30,591 sq ft and comprises 90 rooms ranging from 172 to 388 sq ft. Average room size is 205 sq ft.
The indicative price translates to $2,300 psf on the estimated GFA or around $780,000 per key.
The Claremont Hotel (Credit: JLL)
Located 100m from Farrer Park MRT Station, the site is zoned “hotel” with a gross plot ratio of 3.0, based on the Master Plan 2014. The hotel is offered with a one-year sale and leaseback arrangement or with vacant possession.
“Freehold hotels with a palatable investment quantum of $50 million to $100 million in Singapore are tightly held and seldom put into the market,” says Clemence Lee, senior director, JLL Singapore Capital Markets. JLL is the exclusive marketing agent for the hotel.
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Lee adds that with a short-term leaseback, the new owner will have time to decide how they would like to carry out asset enhancement initiatives and reposition the property.
The property is marketed through an expression of interest exercise which will close on April 18 at 3pm.