Six-storey boutique hotel on Hongkong Street up for sale with $25 mil guide price

By Felicia Tan / EdgeProp Singapore | November 9, 2021 5:50 PM SGT
Photo: JLL
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SINGAPORE (EDGEPROP) -- A six-storey boutique hotel at 7 Hongkong Street in prime District 1 and marketed solely by JLL, is up for sale with a guide price of $25 million.
The contemporarily designed hotel, which is under the Hotel Clover Group, was completed in 2016. It has a total of 27 rooms, lift access and two mechanised car park lots at the back of the building.
Under the URA 2019 Master Plan, the site is zoned for hotel use, which means foreigners are eligible to purchase the property. There is also no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) for the site, which has a plot ratio of 4.2.
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The price translates to $3,500.42 over the hotel’s total gross floor area (GFA) of 7,142 sq ft.
The property’s 1,701 sq ft land area has a 99-year leasehold, which was topped up in 2015.
The top-up offers new owners an almost fresh 99-year leasehold title, which will appeal to potential buyers, says Ong Zhen Hao, director, capital markets at JLL Singapore.
While 7 Hongkong Street is located within the Upper Circular Road Conservation Area, it sits on an envelope control site that is not earmarked for conservation.
The boutique hotel sits prominently along Hongkong Street, where it is located between Clarke Quay and Boat Quay.
It is also within walking distance to the CBD, City Hall, as well as tourist attractions such as the National Gallery Singapore and the Asian Civilisations Museum (ACM), Fort Canning Park and Chinatown.
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The Hongkong Street enclave has, through the years, transformed into an established and vibrant neighbourhood that is home to several renowned restaurants, cafes, bars and entertainment venues.
It also enjoys close proximity to Raffles MRT Station on the East-West Line and Clarke Quay MRT Station on the North-East Line. In addition, it is located within a stone’s throw away from the Central Expressway (CTE), Marina Coastal Expressway (MCE) and Ayer Rajah Expressway (AYE). Orchard Road is a five-minute drive away.
“The sale of 7 Hongkong Street presents a timely opportunity to acquire a hotel asset of palatable investment quantum in an ideal area that is popular amongst both leisure and business travellers,” says JLL’s Ong.
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“The incoming owner has the flexibility to engage the current operator, subject to negotiations, or explore rebranding and repositioning strategies. The opportunity is suitable for both investors looking for stable recurring income as well as operators who want to bring in their own branding,” he adds.
According to JLL, demand for shophouses has been “red hot” in 2021, with over 80 units in the CBD area changing hands for $1 billion.
The sale of 7 Hongkong Street will be conducted through an expression of interest exercise, which closes at 3pm on Dec 21.
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