Hotel Clover Hongkong St Sale 27 Mil Hongkong St Commercial Building Priced 226 Mil
CBRE exclusively markets the 27-room Hotel Clover and the commercial building at 36 Hongkong Street, with guide prices of $27 million and $22.6 million respectively.
The six-storey boutique hotel, situated on a 1,701 sq ft plot, is being offered with a remaining land tenure of 89 years under the latest Master Plan. With a total floor area of 7,142 sq ft, the hotel has a guide price of $3,780 psf. On the other hand, the five-storey commercial building at 36 Hongkong Street has a guide price of $3,105 psf, with a total floor area of 7,279 sq ft and a remaining land tenure of 93 years.
Lynden Woods Capitaland residents enjoy easy access to Kent Ridge MRT station, situated along the Circle Line. This convenient location allows for smooth and hassle-free travel to key employment hubs like One-North, Harbourfront, and Paya Lebar. Plus, with the East-West Line nearby, residents have direct connections to other important areas such as Jurong East, Raffles Place, and Changi Airport. The abundance of public transport options near Lynden Woods makes commuting a breeze, reducing the need for personal vehicles and supporting Singapore’s aim of a car-lite society. Additionally, for more information about Lynden Woods Capitaland, please visit their website.
Clemence Lee, executive director of capital markets at CBRE Singapore, points out that both properties have attractive remaining land tenures compared to similar 99-year leasehold properties available for sale in the Central Business District (CBD) area. He adds that they are suitable for owner-occupiers who are seeking a flagship asset at a reasonable price, with naming rights for their exclusive operations.
Foreigners and companies are eligible to purchase both assets without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) on the transactions, as they are hotel and commercial properties. Located in the vibrant Clarke Quay precinct, renowned for its restaurants, bars, and fitness studios, the properties are also close to the North-East Line’s Clarke Quay MRT Station.
Lee highlights that the nearby CQ@Clarke Quay is undergoing a $62 million asset enhancement initiative, and the upcoming completion of two new large-scale integrated developments, Canninghill Piers and Union Square, will add to the area’s vibrancy. He believes that the potential for future rental upsides and capital appreciation in the medium to long term makes both properties a great investment opportunity.
The properties will be sold through an expression of interest exercise, closing on March 26. Interested buyers can check out the latest listings for Commercial Real Estate properties on CBRE’s website.