Four-storey hotel at Carpenter Street on the market for $15 mil

SINGAPORE (EDGEPROP) - A four-storey boutique hotel at 16 Carpenter Street in prime District 11 is on the market for $15 million. The conservation property will be sold in an expression of interest exercise and the sole marketing agent is OrangeTee Advisory.

The 24-room hotel is close to Clarke Quay and Boat Quay as well as tourist locations such as the National Gallery Singapore, the Asian Civilisations Museum, Fort Canning Park, and Chinatown. It is also close to Raffles Place in the Central Business District.

A hotel called Hotel Conforto occupies the 2,106 sq ft site and the building has a total built up area of 6,297 sq ft. According to the 2019 Master Plan, the site has a plot ratio of 4.2 and is zoned as a full commercial property. This means that foreigners are eligible to purchase the property, and there will be no additional buyers stamp duty on the sale. (Find Singapore commercial properties with our commercial directory)

The seller has received provisional approval for a five-storey rear extension that would increase the total gross floor area to 8,828 sq ft and yield up to seven more rooms. The differential premium required to intensify the land use was paid for this year.

According to Danial Arun, senior marketing executive of investment sales at OrangeTee Advisory, the new owner has the flexibility to retain the existing hotel operator or could take over the property with vacant possession and rebrand it. “The prospect of expanding the hotel to 31 rooms will appeal to potential buyers seeking a sizeable boutique hotel with an investment quantum that is relatively (palatable),” he says.