CBRE, a leading property services company, is excited to announce that they are the exclusive marketing agent for the sale of Hotel Clover at 7 Hongkong Street, a 27-room boutique hotel with a guide price of $27 million. The company is also responsible for marketing the sale of a commercial building at 36 Hongkong Street, which has a guide price of $22.6 million.
Hotel Clover is a unique six-storey hotel sitting on a 1,701 sq ft plot of land, with a zoning of “hotel” and a plot ratio of 4.2 as per the latest Master Plan. The property, which has a 99-year leasehold, still has around 89 years left on its land tenure. With a total floor area of 7,142 sq ft, the guide price translates to $3,780 psf on the floor area.
Similarly, the commercial building at 36 Hongkong Street is a five-storey property sitting on a 1,733 sq ft plot with a zoning of “commercial” and a plot ratio of 4.2 as per the Master Plan. The 99-year leasehold property has a remaining land tenure of 93 years, and a total floor area of 7,279 sq ft. The guide price for this property is $3,105 psf.
What makes both of these properties stand out is their relatively attractive remaining land tenures compared to other 99-year leasehold properties in the CBD area. This makes them ideal for owner-occupiers looking for a flagship asset at a reasonable price with naming rights for their exclusive operations. According to Clemence Lee, executive director of capital markets at CBRE Singapore, the properties present excellent potential for future rental upsides and capital appreciation in the medium to long term.
Foreign buyers 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.
Both properties are located in Clarke Quay, a vibrant riverfront lifestyle precinct with a range of restaurants, bars, boutique hotels, and fitness studios. They are also in close proximity to Clarke Quay MRT station on the North-East Line. The area is set to become even more vibrant with the completion of a $62 million asset enhancement project at nearby CQ@Clarke Quay, and the upcoming completion of two new integrated developments, Canninghill Piers and Union Square.
The sales of both properties will be conducted through an expression of interest exercise, which closes on March 26. For those interested, CBRE encourages you to act quickly to seize this opportunity.
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