Two boutique hotels, located in Joo Chiat and Little India in Singapore, have been put up for sale.
Savills Singapore and CBRE are the exclusive joint marketing agents for the sale of these two properties – Hotel at 51 Joo Chiat Road and Hotel at 22 Belilios Lane – with a total of 138 keys.
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Guide price for the property at Joo Chiat is $60m (S$78m), while the hotel at Little India is listed at $63m.
The sale is open to both foreigners and companies, with no additional buyer stamp duty or seller’s stamp duty applicable, offering an attractive proposition for potential buyers.
Hotel at 51 Joo Chiat Road is a 70-key, four-storey hotel on a corner site, providing significant branding opportunities.
It covers around 7,629ft² of land and has an estimated total floor area of around 22,925ft².
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By GlobalDataThis hotel’s upper floors span 18,063ft², with the ground floor featuring the lobby reception and a retail unit of about 4,862ft².
The Joo Chiat property also offers easy access to public transport, including proximity to Paya Lebar MRT station and various bus routes.
Additionally, the hotel is a short drive from Changi Airport and major expressways such as the ECP and PIE.
Hotel at 22 Belilios Lane is a 68-key heritage hotel in Little India.
The property consists of 12 adjoining conservation shophouses, featuring a land area of nearly 13,130ft² and a total floor area of 25,540ft².
This hotel itself occupies around 21,790ft², with the ground floor housing nine retail as well as food and beverage units spanning approximately 3,750ft².
The Little India hotel benefits from high foot traffic due to its 90m dual road frontage and is equipped with modern features, including two passenger lifts – a rarity in shophouse properties.
The new owner has the option to self-manage or engage an independent operator.
Little India MRT Interchange Station is just a six-minute walk away, providing easy access to the CBD and Orchard Road.
Savills Singapore Investment Sales & Capital Markets executive director Yap Hui Yee said: “The sale of the hotel portfolio comes at an opportune time with the optimistic outlook for Singapore’s tourism sector with significant government investments in infrastructure, new global partnerships and a slew of business and lifestyle events.
“An incoming owner will be able to leverage on the scale of the portfolio to establish its presence and enjoy economies of scale in operations in two distinct city-fringe tourist enclaves.
“The boutique nature of both assets also allows a curation of an intimate, unique and personalised stay experience which has become increasingly popular with discerning travellers seeking authentic experiences.”
