Freehold boutique hotel in Little India up for sale at S$35m guide price

Oct 26, 2022

A FREEHOLD, three-storey boutique hotel in Jalan Besar/Little India has been put up for sale at a guide price of S$35 million, said marketing agent Savills Singapore on Wednesday (Oct 26).

The sale will be conducted through an expression of interest (EOI) exercise. Foreigners and companies are eligible to purchase the property, and no additional buyer’s stamp duty or seller’s stamp duty will be imposed.

Situated along Dunlop Street and Perak Road, Sandpiper Hotel sits on a freehold land area of approximately 2,750 square feet with full “commercial” zoning and hotel approval. The property was built in 2005 and consists of 29 hotel rooms.

Part of the ground floor space is currently leased out to a food and beverage operator as an al-fresco dining area, and a small kiosk will be carved out to operate as a money exchange.

Jeremy Lake, Savills’ managing director for investment sales and capital markets, said the property stands to benefit from the recent easing of border restrictions and the potential influx of international tourists, given its location in a heritage district.

“The purchaser for the subject property can look at value-add potential to reposition the asset. For example, it can be converted into serviced or co-living apartments that provides longer but flexible lease terms,” he said.

The EOI exercise will close on Dec 2 at 3 pm.

https://www.businesstimes.com.sg/rea...5m-guide-price