Two independent property portfolios have been put on sale in a major change for Singapore’s commercial real estate scene, presenting investors special chances in the hotel and office sectors. Announced in August 2024, these listings highlight Singapore’s ever-changing property scene, especially in the post-pandemic age when urban redevelopment and adaptive reuse of buildings have become increasingly significant.
The inaugural offering consists of two boutique hotels, carefully placed in two of Singapore’s most culturally diverse areas: Joo Chiat and Little India. Joint marketing agency Savills Singapore and CBRE are marketing this portfolio, with a combined guide price of $123 million, under an expression of interest (EOI) exercise. Either individually or as a package, the properties allow flexibility to possible investors using different portfolio approaches.
Nestled at 51 Joo Chiat Road, the four-story Joo Chiat hotel reflects the rich history of the area while providing contemporary conveniences. Comprising a 7,629 square foot site and a total floor size of 22,925 square feet, this 70-key property is priced at $60 million. Comprising 4,862 square feet, the ground floor features the hotel lobby and a retail space, therefore providing a commercial aspect to the building. Pricing at $2,617 per square foot on the floor area—or $857,143 per key—reflects the premium character of the site and property’s potential.
The Joo Chiat hotel’s location within the Joo Chiat Conservation Area—a neighbourhood famed for its vivid food scene and Peranakan shophouses—is one of its main draws. Excellent connection is guaranteed by the property’s proximity—just 700 meters—to the Paya Lebar MRT Interchange Station. Nearby sites like Joo Chiat Complex and the Geylang Serai Market add even more attraction since they provide visitors an immersive experience in one of Singapore’s most lively areas.
Nestled at 22 Belilios Lane in Little India, the second hotel in the portfolio offers a distinct but equally intriguing investment offering. Priced at $63 million, this property offers 68 keys across two levels and an attic from 12 adjacent conservation shophouses. With an estimated floor space of 25,540 square feet and a 13,130 square foot total land area, Comprising nine ground floor retail spaces totalling 3,750 square feet, this adds a significant commercial component to the property.
Pricing for the Belilios Lane hotel, at $2,467 per square foot on the floor space, or $926,471 per key, reflects its special character and outstanding location. Comprising the Little India Conservation Area, the property gains from its close proximity to the Little India MRT Interchange Station—just 350 meters away. The hotel’s visibility and appeal are improved by its 90-meter dual frontage property along Belilios Lane and Belilios Road.
With almost 70 years left on their 99-year leases, both hotels give investors long-term security. The Joo Chiat property will be sold with vacant possession, therefore giving the new owner instant operational control. On the other hand, the Belilios Lane hotel is currently tenanted to co-living operator Dash Living; leasing information is accessible to potential tenants upon non-disclosure agreement signing.
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For overseas investors, these commercial properties—which are eligible for foreign ownership without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD)—are absolutely vital. This exemption could encourage competitive bidding for certain assets and greatly increases the possible pool of investors.
Separate but equally remarkable is a five-story office building on 49 and 53 New Bridge Road with a mezzanine level put up for sale via a public tender. Promoted by Cushman & Wakefield, this commercial property has a guide price of $45 million, or $1,984 per square foot given its 22,677 square foot gross floor size.
Because of its mixed tenure—four independent plots, two of which are freehold and the other two are leased with 16 and 26 years remaining respectively—the New Bridge Road property offers a special possibility. This mix of tenure and its strategic position on the edge of Singapore’s Central Business District create fascinating opportunities for value growth.
Executive Director of Capital Markets at Cushman & Wakefield Shaun Poh notes the property’s attraction to mid-cap market investors looking for value-add or renovation prospects. 49/53 New Bridge Road has more freedom for possible redevelopment than many CBD shophouses limited by rigorous conservation rules, including the option of lease renewal to a fresh 99-year period.
Approved for use in offices right now, the structure has possibilities for variety of application. Approved by pertinent authorities, new owners could investigate using part or all of the property for businesses or restaurants, therefore enhancing its adaptability and possible rental value.
The property’s great connectivity—it’s within walking distance of both Chinatown MRT stations and Clarke Quay—helps to appeal even more to possible purchasers. These surrounding stations provide easy access to the North-East and Downtown lines, therefore guaranteeing flawless connections to other areas of Singapore.
These listings offer major chances for investors as Singapore’s real estate market develops in response to shifting economic environments and urban development trends. From the cultural diversity and tourism potential of the boutique hotels in Joo Chiat and Little India to the redevelopment opportunities of the New Bridge Road office complex, every property presents special value propositions.
Given Singapore’s continuous change in its urban scene and the city-state’s image as a safe refuge for real estate investment, these buildings are probably going to attract a lot of interest. Market observers will be closely monitoring the results as the respective closing dates for the EOI (October 7) and tender (October 8) approach approach. This could provide insightful analysis of the state and direction of Singapore’s commercial real estate industry in the post-pandemic age.
