Freehold Serviced Apartments in Orchard Road for Sale
A timely opportunity for investors to acquire this prime hospitality asset as borders open and travel picks up
Singapore, 7 September 2022 – Edmund Tie & Company (EDMUND TIE), as the sole marketing agent, is pleased to present the sale of a prime freehold serviced apartments centrally located in Orchard Road at 18 Mount Elizabeth. The sale will be conducted via an Expression of Interest exercise which closes on 7 October 2022 at 3 pm.
The subject property sits on a site area of approximately 18,000 sq ft that is zoned for “Residential” use under Master Plan 2019.
Extensively refurbished in 2017, the property comprises 98 units of studio, one- and two-bedroom apartments, featuring modern living area with balcony, bedrooms that are furnished with either king or queen size beds, and a kitchenette. On-site amenities include a fitness centre, a roof-top swimming pool, a residents’ lounge area and communal gardens
The guide price is S$170 million, reflecting approximately S$1.73 million per apartment unit.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “Serviced apartments have proven to be a resilient asset class during the COVID pandemic, as it remains a preferred choice for long-stay guests seeking quality accommodation with flexibility of lease. As Singapore economy fully opens up and the recovery of international travel continues, serviced apartments continue to enjoy high occupancy and improved revenue.”
“Serviced residences also offer the appeal of the comforts of a well-equipped home with bigger space, compared to hotels. Hence, they have been popular with expats who are relocating to Singapore while they seek a rental home, as well as longer-stay corporate and leisure travelers. Fueled by elevated residential rental demand and surge in demand for travel, the performance of serviced apartments is well supported and is expected to register strong growth,” continues Ms Swee.
She adds, “There has been a surge in investor interest in hospitality assets, as international borders reopen. The owner has been receiving numerous enquiries and unsolicited offers for the property, and hence, made the decision to offer this prime freehold asset for interested parties to make their formal bids.”
The property at 18 Mount Elizabeth is located on a quiet street enjoying unobstructed views of the Orchard Road skyline, yet just a stone’s throw away to a host of shopping, dining and lifestyle amenities, offering the best of exclusivity and convenience.
Luxury retail malls and premier medical facilities in the immediate vicinity include The Paragon, Ngee Ann City, ION Orchard, Mount Elizabeth Hospital and Medical Centre and Paragon Medical Centre. The property is a short stroll to Orchard, Somerset and Newton MRT stations, providing excellent accessibility to other parts of Singapore. The Central Business District is a short 10 minutes’ drive away.
For further information contact:
Swee Shou Fern (Ms)
DID: +65 6393 2523
Media please contact:
Seah Li Ching (Ms)
DID: +65 6393 2369