CBRE, the sole marketing agent for Hotel Clover at 7 Hongkong Street and commercial building at 36 Hongkong Street, has set the guide price for the properties at $27 million and $22.6 million respectively.
Located in the heart of the Central Business District, Hotel Clover sits on a prime 1,701 sq ft plot that is zoned for hotel use with a plot ratio of 4.2 under the latest Master Plan. With a remaining lease of approximately 89 years, this 6-storey boutique hotel boasts a total floor area of 7,142 sq ft, translating to $3,780 psf on the floor area.
In the meantime, the commercial building at 36 Hongkong Street is also up for sale, with a guide price of $22.6 million. Sitting on a 1,733 sq ft plot, this 5-storey building is zoned for commercial use with a plot ratio of 4.2 under the Master Plan. The property has a remaining lease of 93 years, with a total floor area of 7,279 sq ft, translating to $3,105 psf.
The ground floor of the commercial building is currently tenanted to a bridal shop, while the upper floors are occupied by offices. With the thriving Clarke Quay precinct as its backdrop, this property presents an attractive investment opportunity with potential for future rental growth and capital appreciation.
Notably, the remaining land tenures for both properties are relatively more attractive compared to other 99-year leasehold properties available for sale in the CBD area. Additionally, both assets are suitable for owner-occupiers looking for a flagship property at a reasonable price, with the added allure of naming rights for their exclusive operations.
As both properties are categorized as hotel and commercial properties, foreigners and companies are eligible to purchase them without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).
Strategically located in the vibrant Clarke Quay precinct, both properties are within proximity to several renowned restaurants, bars, boutique hotels, and fitness studios, making it an attractive destination for tourists and locals alike. Moreover, the nearby CQ@Clarke Quay is undergoing a $62 million asset enhancement exercise, while the upcoming completion of two new large-scale integrated developments, Canninghill Piers and Union Square, will further enhance the vibrancy of the area.
Clemence Lee, executive director of capital markets at CBRE Singapore, highlights that both properties have excellent potential for future rental upsides and capital appreciation in the medium to long term.
The sale of both properties will be conducted through an expression of interest, which is set to close on March 26. Don’t miss out on this opportunity to own a prime piece of real estate in the heart of the CBD. Enquire now to find out more about Hotel Clover at 7 Hongkong Street and commercial building at 36 Hongkong Street.
When evaluating the possibility of investing in a condo, one must also carefully consider the potential rental return. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can greatly vary, depending on factors such as the location, condition of the property, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer a higher rental yield. Carrying out extensive market research and seeking advice from real estate agents can provide valuable insights into the rental potential of a specific condo.