Freehold hotel on Lorong 8 Geylang for sale at $23.5 mil
The property is a freehold 38-room hotel located at 60 Lorong 8 Geylang (Picture: CBRE)
Taipei Hotel, a freehold 38-room hotel located at 60 Lorong 8 Geylang, is up for sale by public tender with a guide price of $23.5 million, or about $618,000 per key.
The four-storey hotel occupies a freehold land area of 7,555 sq ft that is zoned “commercial/institutional” under the URA Master Plan 2019, with a gross plot ratio of 2.8. The hotel features a lobby, private parking facility and a communal space on the ground floor. It has a total gross floor area (GFA) of 12,499 sq ft. Based on the GFA, the guide price translates to about $1,880 psf.
A map showing the location of Taipei Hotel (Source: EdgeProp LandLens)
The property is close to expressways, including the Kallang Paya Lebar Expressway and Nicoll Highway. It is a three-minute drive to the National Stadium, a five-minute drive to Suntec City & Convention Centre, and a six-minute drive to Paya Lebar Quarter.
The hotel represents an opportunity to acquire a hospitality asset “with a steady revenue and strong value-added potential”, says Joshua Giam, director of capital markets for Singapore at CBRE, who is handling the sale. “With strategic refurbishment of the asset’s façade, guest rooms, and common areas, the incoming buyer can uplift the room rates and enhance returns, while also increasing the long-term capital value of the property,” he adds.
The tender for the hotel will close on Aug 26 at 12pm.
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