CBRE is the sole marketing agent for the 27-room Hotel Clover at 7 Hongkong Street, which is currently on the market for $27 million. They are also responsible for marketing the sale of a commercial building located at 36 Hongkong Street for a guide price of $22.6 million.The boutique hotel spans six storeys and occupies a 1,701 sq ft plot that is zoned as a “hotel” under the current Master Plan, with a plot ratio of 4.2. The site, which is 99-year leasehold, still has around 89 years left in its tenure. The total floor area of the hotel is 7,142 sq ft, which equates to a price of $3,780 per sq ft.On the other hand, the commercial building at 36 Hongkong Street rises five storeys and sits on a 1,733 sq ft plot, which is zoned as “commercial” with a plot ratio of 4.2 under the current Master Plan. The site also has a 99-year leasehold tenure, with around 93 years remaining. The building has a total floor area of 7,279 sq ft and is being offered for a guide price of $3,105 per sq ft. It is currently fully leased out to a bridal shop on the ground floor and offices on the upper floors.Read also: CBRE names new COO for Asia PacificAdvertisementAdvertisementAccording to Clemence Lee, the executive director of capital markets at CBRE Singapore, both properties have a more attractive remaining land tenure in comparison to similar 99-year leasehold properties currently available for sale in the CBD area. These properties would also be suitable for owner-occupiers who are looking for a flagship asset at a reasonable price with the potential for naming rights for their exclusive operations. Additionally, as both buildings are classified as hotel and commercial properties, foreigners and companies are allowed to purchase without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).The properties are located in Clarke Quay, an established riverfront lifestyle hub with a variety of popular restaurants, bars, boutique hotels, and fitness studios. They are also just a short walk away from Clarke Quay MRT Station, which is on the North-East Line. Lee also notes that the nearby CQ@Clarke Quay has recently undergone a $62 million enhancement project, and the upcoming completion of two new large-scale integrated developments, Canninghill Piers and Union Square, will further enhance the vibrancy of the area. He adds that both properties offer excellent potential for future rental growth and capital appreciation in the medium to long term.Both assets are on sale through an expression of interest exercise, with a deadline of March 26. Interested parties can find the latest listings for Commercial Real Estate properties at CBRE or by visiting the dedicated page for Commercial vs Industrial properties on our website. Additionally, we offer price trends for commercial property sales, past commercial rental transactions, as well as a comparison of price trends for commercial vs industrial properties.
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