By Valerie Kor / EdgeProp Singapore | February 27, 2020 4:10 PM SGT
The four-storey Porcelain Hotel is up for sale under an Expression of Interest exercise that closes on 27 March. (Photo: The Porcelain Hotel)
SINGAPORE (EDGEPROP) – The Porcelain Hotel in Chinatown is up for sale at a guide price of $115 million, or $2,950 psf on the gross floor area. The 138-key, 99-year boutique hotel occupies a land area of 10,143 sq ft and an estimated gross floor area of 38,686 sq ft, spanning four storeys. The majority of the 138 rooms range from 86 to 172 sq ft. There are also larger units of up to 452 sq ft in size. Situated in a row of adjoining conservation shophouses at 46 to 50 Mosque Street, The Porcelain Hotel enjoys wide road frontage of over 55 metres. The ground floor space can be repositioned and repurposed for F&B use.
Based on the URA Master Plan 2019, the site is zoned “commercial”. As such, foreigners are eligible to purchase the property, with no additional buyer’s stamp duty or seller’s stamp duty imposed on the purchase of the property. The purchaser has the option of acquisition with vacant possession or a sale and leaseback arrangement. Clemence Lee, senior director at CBRE, says: “With a leaseback arrangement in place, the incoming buyer will have some time to plan how they would like to carry out asset enhancement initiatives to refurbish and reposition the property. The new owner will have the flexibility to either self-manage the hotel or engage an independent operator.”Chinatown enjoys high footfall and is within walkable distance to Singapore’s CBD. The property is only five minutes away from Chinatown MRT Station on foot and is also accessible to major expressways. Mosque Street is a popular street in Chinatown with many restaurants, souvenir shops, boutique hotels and backpacker hostels.
The property is being marketed through an Expression of Interest exercise, which will close on March 27 at 3pm.
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