Serviced apartment building in Orchard Road on the market for $170 mil
/ EdgeProp Singapore |
The property at 18 Mount Elizabeth (Picture: Edmund Tie & Co)
SINGAPORE (EDGEPROP) - A freehold serviced apartment property at 18 Mount Elizabeth, is up for sale via an expression of interest (EOI) exercise with a guide price of $170 million. It currently operates as Oakwood Studios Singapore under serviced apartment brand Oakwood.
The property has a total of 98 serviced apartments, comprising a mix of studio, one- and two-bedders (Picture: Edmund Tie & Co)
The property has a total of 98 units, comprising a mix of studio apartments and one- and two-bedders. According to marketing agent Edmund Tie & Co, the property was extensively refurbished in 2017. The guide price of $170 million works out to $1.73 million per unit.
The property sits on a site area measuring approximately 18,000 sq ft that is zoned for residential use. It has unobstructed views of the Orchard Road skyline. It is close to a wide variety of malls along the Orchard Road shopping belt and is within walking distance to the Orchard MRT Station on the North-South Line.
Map and overview of the property (Source: EdgeProp LandLens)
Swee Shou Fern, head of investment advisory at Edmund Tie, says serviced apartments have been “a resilient asset class” during the pandemic, bolstered by long-stay guests seeking accommodation with more flexible leases as well as expats relocating to Singapore. “As Singapore economy fully opens up and the recovery of international travel continues, serviced apartments continue to enjoy high occupancy and improved revenue,” she remarks.
Swee adds that investor interest in hospitality assets has surged as international borders reopen. She notes that the owner of the property at 18 Mount Elizabeth has received enquiries and unsolicited offers for the property, which prompted the decision to conduct the EOI.
Oakwood, a subsidiary under Mapletree Investments, is being acquired by The Ascott, CapitaLand Investment’s wholly-owned lodging business unit. The acquisition was announced in July, with completion targeted this quarter.
The EOI for the property will close on Oct 7 at 3pm.
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