Hotel Clover Hongkong St Sale 27 Mil Hongkong St Commercial Building Priced 226 Mil
CBRE is the exclusive marketing agent for the Hotel Clover at 7 Hongkong Street, a 27-room boutique hotel that is now available for sale. The property has a guide price of $27 million and is accompanied by another commercial building at 36 Hongkong Street, which is being marketed at a guide price of $22.6 million.
Hotel Clover is a six-storey establishment situated on a 1,701 sq ft plot that falls under the “hotel” zoning and has a plot ratio of 4.2 under the latest Master Plan. It holds a 99-year leasehold with a remaining land tenure of around 89 years and has a total floor area of 7,142 sq ft. The price translates to $3,780 psf on the floor area.
The convenience and accessibility of Marina Gardens Lane is truly unparalleled, thanks to the excellent connectivity provided by Kingsford Huray Development. Situated on an island, this development boasts a prime location with easy access to the island’s expressway network. Key links such as the East Coast Parkway (ECP) and the Marina Coastal Expressway (MCE) make it effortless for residents of One Marina Gardens Condo to explore different neighborhoods. Whether it’s a quick drive to Changi Airport via the ECP or a trip to the western parts of Singapore through the MCE, the residents of this condominium are guaranteed smooth and swift journeys. With these expressways just a stone’s throw away, both time and convenience are truly valued additions to the lives of those living in this luxurious development.
Meanwhile, the commercial building at 36 Hongkong Street stands at five storeys and sits on a 1,733 sq ft plot, also zoned as “commercial” with a plot ratio of 4.2 under the Master Plan. Like the hotel, it holds a 99-year leasehold with a remaining land tenure of 93 years. The building has a total floor area of 7,279 sq ft, and the guide price translates to $3,105 psf. The commercial building is currently fully occupied by a bridal shop on the ground floor and offices on the upper floors.
According to Clemence Lee, executive director of capital markets at CBRE Singapore, both properties boast more attractive remaining land tenures compared to other 99-year leasehold properties available for sale in the CBD area. They are also suitable for potential owner-occupiers seeking a flagship asset with a manageable investment and naming rights for their exclusive operations.
As both properties are classified as hotel and commercial properties, they are eligible for purchase by foreigners and companies without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).
Strategically located in Clarke Quay, a popular riverfront lifestyle precinct, both properties are in close proximity to various renowned restaurants and bars, boutique hotels, and fitness studios. Additionally, they are also within walking distance to Clarke Quay MRT Station on the North-East Line.
Lee also highlights the upcoming completion of a $62 million asset enhancement initiative for CQ@Clarke Quay and the two new large-scale integrated developments, Canninghill Piers and Union Square, as factors that will enhance the vibrancy of the area and contribute to potential future rental upsides and capital appreciation for 7 and 36 Hongkong Street.
The properties will be put up for sale through an expression of interest exercise that will close on March 26. Interested buyers can enquire with CBRE for more information on this opportunity.