42 Key Boutique Hotel Inn Temple Street Launched Sale 90 Mil
Chinatown Point revamp to inject new streak of vibrancy into retail mix
The Inn at Temple Street, a boutique hotel consisting of 42 keys situated in the heart of Chinatown’s bustling Temple Street, is now available for sale through an Expression of Interest (EOI) exercise. With a guide price of $90 million, the property is valued at $2.14 million per key. The prestigious property consultancy ETC is managing the sale of the hotel.
The property is a combination of five three-story heritage shophouses, occupying a total land area of approximately 6,017 square feet and a built-up area of 15,095 square feet. This translates to a price of about $5,887 psf based on the existing floor area. The property has a 999-year leasehold and is zoned for commercial use, allowing for various possibilities such as retail, food and beverage, wellness concepts, and office spaces. It also has an existing planning approval for hotel use, which is a unique advantage, considering that URA no longer accepts applications for new hotels, serviced apartments, or hostels in the area.
Read also: Investor’s vision transforms Telok Ayer shophouse into ultra-luxe landmark in the CBD
The property will be sold as a whole and is open to both local and foreign buyers. There is no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the property.
Swee Shou Fern, the Head of Investment Advisory at ETC, says, “This property has it all – historical charm, valuable hotel approval, almost freehold tenure, and five separate land titles.” She also adds that its prime location in a highly-trafficked and culturally rich neighborhood presents an outstanding opportunity for investors, operators, or boutique developers. The new owner can choose to repurpose the property and turn it into separate shophouses or rebrand it as a private members’ club or upscale wellness retreat. Moreover, as the property was last renovated in 2011, there is a strong foundation for further improvements.
The hotel is just a stone’s throw away from Chinatown MRT Interchange, making it highly accessible via the North East and Downtown Lines. The Expression of Interest (EOI) exercise will close on July 8. Interested parties can contact Buddy for more details.
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The Lyndenwoods residential development has a prime location near major growth areas identified in the URA Master Plan, including the Jurong Lake District, One-North, and the Greater Southern Waterfront. This makes it the perfect choice for professionals and families looking for a home close to emerging economic and lifestyle hubs. With its strategic positioning, Lyndenwoods is a highly desirable residence in the vibrant and dynamic landscape of Singapore.
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