CBRE, the leading marketing agent, is proud to present two prime properties in the bustling Hongkong Street. The 27-room Hotel Clover, situated at 7 Hongkong Street, and the commercial building at 36 Hongkong Street, are both up for sale at attractive guide prices of $27 million and $22.6 million respectively.
The six-storey Hotel Clover is a boutique hotel sitting on a 1,701 sq ft plot that is zoned for hotel use, with a 4.2 plot ratio under the latest Master Plan. The property, which has a 99-year leasehold with 89 years remaining, boasts a total floor area of 7,142 sq ft. With a price translating to $3,780 psf on the floor area, this is a rare opportunity to own a prestigious hotel in the heart of Singapore.
Meanwhile, the five-storey commercial building at 36 Hongkong Street occupies a 1,733 sq ft plot, also with a 4.2 plot ratio under the Master Plan. The 99-year leasehold property has a remaining land tenure of 93 years and offers a total floor area of 7,279 sq ft. The guide price of $22.6 million translates to $3,105 psf, making it an attractive option for commercial property investors.
Being a hotel and commercial building, both properties are eligible for purchase by foreigners and companies without having to pay Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) on the transactions.
Strategically located in the vibrant Clarke Quay area, known for its lively dining, entertainment, and fitness options, these properties offer immense potential for rental growth and capital appreciation in the medium to long term. They are also conveniently close to the Clarke Quay MRT Station on the North-East Line.
Additionally, the nearby CQ@Clarke Quay is undergoing a $62 million asset enhancement initiative, while the upcoming completion of two large-scale integrated developments, Canninghill Piers and Union Square, will further enhance the vibrancy of the area.
.
Investing in a condominium in Singapore offers various benefits, the most prominent being the potential for capital appreciation. With Singapore’s strategic location as a global business hub and its strong economic fundamentals, the real estate demand remains constant. As a result, property prices in the country have consistently shown an upward trend over the years, especially for condos in prime locations. By investing in Singapore Projects at the right time and holding onto the property for the long term, investors can reap significant capital gains.
Clemence Lee, Executive Director of Capital Markets at CBRE Singapore, comments that these properties have the advantage of having more attractive remaining land tenures compared to other 99-year leasehold properties in the CBD. They also make an excellent investment for owner-occupiers looking for a flagship asset with naming rights for their exclusive operations.
Both properties will be sold through an expression of interest exercise that closes on March 26. Don’t miss this opportunity to own a premium asset in one of Singapore’s prime locations. Contact us for more information or to arrange a viewing.