The Oakwood serviced apartments are currently on the market for S$170 million

Sep 07, 2022

On Wednesday, the freehold serviced apartments known as Oakwood Studios, which are located at 18 Mount Elizabeth, were announced to be available for purchase through an Expression of Interest (EOI) exercise with a guide price of S$170 million, as stated by the sole marketing agent Edmund Tie & Company (Sept 7).

The property has a total of 98 apartments, including studios, apartments with one bedroom, and apartments with two bedrooms spread across an area of about 18,000 square feet.

With on-site facilities including a fitness centre, rooftop swimming pool, and community gardens, the estimated selling price of each apartment in the building is now around S$1.7 million.

In accordance with the Urban Redevelopment Authority Master Plan 2019, the property can potentially be used for residential purposes.

According to Swee Shou Fern, head of investment advisory at Edmund Tie, serviced apartments have been quite popular among expatriates seeking a rental home as they relocate to Singapore. This is because serviced apartments come fully equipped with a larger space than hotels do, making them an attractive alternative to hotels.

She went on to say that longer-staying business travellers and leisure tourists are also contributing to the demand for these residences.

"Serviced apartments have shown to be a robust asset class throughout the Covid-19 epidemic," added Swee. "As it remains a favoured choice for long-stay guests seeking excellent housing with flexibility of lease, it has proven to be a resilient asset class."

"The performance of serviced apartments is strongly supported and is predicted to show robust growth," as a result of "elevated residential rental demand and increase in demand for tourism,"

The most recent renovation work at Oakwood Studios was done in 2017. ION Orchard, The Paragon, and Ngee Ann City are just a few of the many shopping, eating, and leisure amenities that are located in close proximity to this enclave, which is situated inside the exclusive Orchard neighbourhood.

The EOI exercise will come to an end on October 7 at three in the afternoon.