SINGAPORE (THE BUSINESS TIMES) – Regin Hotel, a freehold four-storey hotel located at 56 Sims Avenue, has been put up for sale with a guide price of $23 million, said its exclusive marketing agent, CBRE, on Wednesday (Sept 8).
The guide price translates to $500,000 per key or $2,166 per sq ft on the total floor area of 10,620 sq ft.
The hotel sits on a freehold site of 3,172 sq ft that is zoned for residential or institution use. It has obtained permanent boarding house approval and has 46 rooms, a lift, four carpark lots and an internal courtyard.
It is also located within a five- to seven-minute walk to Kallang MRT and is accessible to other parts of Singapore via five major expressways.
Mr Clemence Lee, CBRE’s senior director of capital markets in Singapore, said Singapore’s high vaccination rate, easing border restrictions and a pent-up demand for travel will likely “entail a swift recovery of the tourism and hospitality sector in Singapore”.
“The property is well positioned to benefit from a strong spillover of commercial activities, and the new owner can expect to enjoy strong rental and capital appreciation in the medium to long term,” he added, noting that the hotel is located between two major growth centres – the Paya Lebar Regional Centre and the Kallang Riverside Precinct.
Mr Lee also said he expects “keen interest from high-net-worth individuals, corporate investors and family offices, who are looking to expand their hospitality footprint in an up-and-coming district in Singapore”.
The sale will be conducted through an expression of interest exercise which closes on Oct 14 at 3pm.
Join ST’s Telegram channel here and get the latest breaking news delivered to you.
Source: Read Full Article