Regin Hotel on Sims Avenue up for sale with $23 mil guide price

By
/ EdgeProp Singapore
|
September 8, 2021 5:17 PM SGT
The guide price of $23 million works out to about $500,000 per key or $2,166 psf on the total floor area.
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SINGAPORE (EDGEPROP) - Regin Hotel, a freehold four-storey hotel at 56 Sims Avenue, has been put up for sale with a guide price of $23 million. CBRE is the sole marketing agent, and the sale will be conducted through an Expression of Interest (EOI) exercise.
Located at the junction between Sims Avenue and Lorong 9 Geylang, Regin Hotel enjoys prominent street level visibility. The property sits on a 3,172 sq ft site and based on the 2019 Master Plan, it is zoned ‘Residential/Institution’ with a gross plot ratio of 3.0. (See: Check all latest Singapore property Market Trends)
“Being strategically located between two major growth centres – Paya Lebar Regional Centre and the Kallang Riverside Precinct, the property is well-positioned to benefit from a strong spillover of commercial activities,” says Clemence Lee, senior director of capital markets, Singapore at CBRE.
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He adds that the new owner can expect strong rental and capital appreciation in the medium- to long-term.
The hotel has obtained permanent approval to operate as a boarding house and the property features 46 rooms, a lift, four carpark lots, and an internal courtyard. It has a total gross floor area of about 10,620 sq ft.
The guide price of $23 million works out to about $500,000 per key or $2,166 psf on the total floor area.
“Given the palatable quantum of Regin Hotel, we expect keen interest from high-net-worth individuals, corporate investors and family offices, who are looking to expand their hospitality footprint,” says Lee.
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The EOI will close on Oct 14.
Check out the latest listings near Regin Hotel, Sims Avenue
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