Singapore, 28 July 2022 – Edmund Tie & Company (EDMUND TIE) is relaunching Killiney 118 for sale, offering investors a rarely available hospitality investment opportunity near Orchard Road. As the sole marketing agent, EDMUND TIE will conduct the sale by tender, which will close on 13 September 2022 at 3.00pm.
Located at 118 Killiney Road, Killiney 118 sits on a freehold site with a land area of approximately 7,688 sq ft. Under the Master Plan 2019, the site is zoned for “Residential with Commercial at 1st Storey.”
A boutique six-storey apartment building that was completed in 2013, Killiney 118 accommodates a restaurant on the first storey, 30 apartment units on upper floors, and a basement carpark. Total existing gross floor area is approximately 30,327 sq ft, reflecting a plot ratio of 3.94.
Subject to final planning approval, the property can be transformed into a boutique hotel or serviced apartment development. Alternatively, the successful buyer can also consider adapting the existing building to become a post-natal care centre, which is fast gaining popularity.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “With rising affluence and focus on the care for new mothers and their newborns, the postpartum recovery sector is a lucrative and growing business. This freehold property presents investors a rare yet timely opportunity to re-adapt the 10-year-old building for various possible uses; one of which is a post-natal care centre.”
The asking price for the property is S$76 million, and there is no development charge payable to convert to either “Post Natal Care Centre”, or “Hotel” and “Serviced Apartments” use*.
Ms Swee continues, “As borders open to all fully vaccinated travellers, we witness high pent-up demand for travel. The number of tourist arrivals is evident in Singapore’s international visitor arrivals hitting new records monthly, since the beginning of the pandemic. Killiney 118, hence, offers the successful buyer an immediate hospitality product that can be retrofitted for hotel or serviced apartment use – to ride on the growth of tourism and hospitality sectors.
“Further plus points include the property’s central location near Orchard Road, proximity to Somerset MRT station and the myriad amenities in the immediate vicinity, all of which tick the boxes for visitors’ consideration for short- or long-term stay.”
Hotel room rates have also surged to near six-year highs, recording an average rate of S$238.32 in June, the highest since September 2016 according to reports by the Singapore Tourism Board. Located along Killiney Road and within walking distance to Orchard Road, Singapore’s premier shopping and lifestyle district, the site is surrounded by a variety and diverse array of lifestyle options and amenities, offering the best of convenience and entertainment experiences.
The property enjoys excellent connectivity to the rest of Singapore, via expressways and major arterial roads such as 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.
*Subject to authorities’ approval.
For further information contact:
Swee Shou Fern (Ms)
DID: +65 6393 2523
Media please contact:
Seah Li Ching (Ms)
DID: +65 6393 2369