Singapore, 25 April 2022 –Edmund Tie & Company (EDMUND TIE), as the sole marketing agent, is pleased to offer investors a rarely available hospitality investment opportunity near Orchard Road – a prime freehold site located at 118 Killiney Road. The sale will be conducted by tender, which will close on 1 June 2022 at 3.00pm.
The site has an area of approximately 7,688 sq ft and is zoned for “Residential with Commercial at 1st Storey” use under Master Plan 2019.
Currently sitting on the freehold site is a six-storey building that was completed in 2013. The development accommodates a restaurant on the first storey, 30 apartment units on upper floors, and a basement carpark, with a total existing gross floor area of approximately 30,327 sq ft, reflecting a plot ratio of 3.94.
Investors can consider either redeveloping the property for hotel use or retrofitting the existing development into serviced apartments. Retrofitting to repurpose the property as a serviced apartment allows investors to be cost-efficient with reduced carbon impact.
The asking price for the property is S$76 million, and there will be no development charge payable to convert to either “Hotel” or “Serviced Apartments” use.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, comments, “Given the easing travel restrictions around the world and Singapore’s borders opening to all fully vaccinated travellers now, the freehold property at 118 Killiney Road presents a timely opportunity for investors and developers to acquire and transform it into a unique hospitality asset. What’s more, this freehold asset is of an affordable quantum and is ideal for a boutique hotel or serviced apartment, which the successful buyer can possibly position with a novel theme to attract travellers who are now geared towards experiential stays.”
“As the world gradually returns to normalcy, hospitality assets are expected to benefit from the recovering travel industry and pent-up travel demand. The huge pent-up travel demand is already evident in Singapore’s international visitor arrivals in January and February that recorded a corresponding year-on-year increase of 273% and 144%, according to Singapore Tourism Board,” she adds.
Located along Killiney Road and within walkable proximity to Orchard Road, Singapore’s premier shopping and lifestyle district, the subject property is surrounded by a kaleidoscope of different lifestyle options and a diverse array of amenities, offering the best of convenience and entertainment experience.
The property enjoys excellent connectivity to the rest of Singapore, via Central Expressway, Orchard Road, River Valley Road and Penang Road, with the Central Business District being a short drive away. Meanwhile, Somerset MRT station is approximately 500 metres away, while Orchard and Dhoby Ghaut MRT interchanges, and Fort Canning MRT station are within a one-kilometre radius.
For further information contact:
Swee Shou Fern (Ms)
DID: +65 6393 2523
Media please contact:
Seah Li Ching (Ms)
DID: +65 6393 2369
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