MALACCA Hotel along Still Road and a two-storey residential block on Koon Seng Road have been put up for collective sale, with an indicative price tag of S$21 million.
The two properties will be sold as a bundle through a tender, which closes at 3pm on March 24.
Malacca Hotel is a three-storey boutique hotel with 29 rooms. The Koon Seng Road property now does double duty as a workers’ quarters and as the administrative office of Malacca Hotel, said sole marketing agent CBRE on Monday.
Together, the two properties create a site area of 14,661 square feet (sq ft), which works out to a S$960 price tag per sq ft per plot ratio, subject to development charges payable for the two sites.
They sit in heart of Joo Chiat, a neighbourhood distinguished by its rows of Peranakan-style shophouses preserved from the 1920s; there are also many restaurants, bars and contemporary cafes in the area.
The Katong/Joo Chiat locale stands to benefit from the upcoming Marine Parade MRT station on the Thomson-East Coast Line by 2023.
Teo Junrong, associate director of CBRE Hotels, said the sale is a “timely opportunity for investors to capitalise on the rejuvenation of Katong/Joo Chiat, as accommodation assets in this part of Singapore have been tightly held over the years”.
“We are optimistic about the attractiveness of the site, as initial enquiries with the URA (Urban Redevelopment Authority) indicate that there will be minimal development charges, which will be a huge plus-point for developers seeking to increase or replenish their land bank,” he said.
Both sites have been zoned “residential” under URA’s Master Plan 2019; the plot ratio is 1.4.
Mr Teo suggested that the eventual buyer can redevelop the site into a boutique residential non-landed development or a co-living space for short- and long-stay accommodation, or be used as a hotel and residential property.
Educational institutes near the property include CHIJ Katong Primary and Tao Nan School.
source: The Business Times