Porcelain Hotel in early stage of being sold for about S$90m

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RB Family Office seen as the intending buyer of the 12 shophouses along Mosque Street in Chinatown

IN ONE of the largest deals in the Singapore conservation shophouse market, Porcelain Hotel – comprising 12 contiguous four-storey shophouses along Mosque Street – is in the early stage of being transacted at about S$90 million, The Business Times understands.

The property, which bears 5 addresses – 46, 47, 48, 49 and 50 Mosque Street – is on two land lots with a total site area of 10,143 sq ft. Both lots have land tenures of 99 years starting August 2002, leaving balance lease terms of about 80 years.

The property is owned by entities controlled by Jason Lee Boon Leng of JForte Group of Companies, who is expected to reposition the asset through a refurbishment that may cost S$5 million to S$10 million; the intending buyer is seen as paying for the asset enhancement works up to a certain amount, with the vendor bearing the remainder, if any,

Signs point to the intending buyer being an entity of RB Family Office – controlled by Raj Kumar of Royal Holdings and his son, Kishin, the founder of Singapore-based property group RB Capital.

Among other things, the duo own 17 shophouses at Cuppage Terrace near Somerset MRT station.

source: TheBusiness Times

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