Knight Frank is pleased to announce for sale by Expression Of Interest (EOI), an eight-storey budget hotel and a ground floor shop unit. Located at 301 Serangoon Road, the hotel currently operates under the name, The Claremont Hotel and consists of 90 guest rooms and a basement level.
Located in District 08, the hotel is situated within the vibrant and cultural Little India district and is a stone’s throw away from the Farrer Park MRT Station. Strategically positioned at the junction of Serangoon Road and Owen Road, the property sits opposite Mustafa Centre and City Square Mall, offering a wide range of retail and F&B options. The Claremont Hotel is located within minutes of the Central Business District and Suntec City and is a short drive away is Singapore’s main shopping belt, Orchard Road.
With a land area of 4,838 sq ft and a built-up area of approximately 30,591 sq ft, the freehold property is zoned for hotel use under the 2014 Master Plan. The guide price of the property is approximately S$90 million.
Mary Sai, Executive Director of Investment & Capital Markets, Knight Frank Singapore said, “Investors could potentially reposition the hotel by reconfiguring and adding more rooms, subject to approval from the relevant authorities. The site presents an exceptional opportunity for a hotelier to run a flagship hotel uniqueness of this district presents.”
Another property that Knight Frank is pleased to launch for sale by EOI is a prime Food & Beverage (F&B) shop unit at Bukit Timah Plaza.
The subject property currently used as a restaurant is located at the basement level just across NTUC supermarket.
F&B outlets in popular shopping malls and locations with high footfall are well sought after by both food operators and investors as seen in the recent sale of 2 foodcourts by Knight Frank two months ago. One foodcourt at Midpoint Orchard was sold at $13.7 million and the other at Tampines Street 81 at $14.55 million. Both were sold via EOI exercise.
“With the newly completed Beauty World MRT station within walking distance and the varied tenant mix such as enrichment centres, supermarket, F&B outlets, the retail podium of Bukit Timah Plaza continues to enjoy reasonably good human traffic which will attract both investors and food operators,” commented Mary Sai, Executive Director, Knight Frank Investment & Capital Markets.
The guide price is about $6.8 million, reflecting around $2,000 psf for the 3,390 sq ft F&B shop.
The EOI for both properties will close on 28 July 2016, Thursday at 3.00pm.
For further information, please contact:
Ms Mary Sai, Executive Director, Investment & Capital Markets, Knight Frank Singapore
mary.sai@sg.knightfrank.com +65 6228 6886
Ms Lixia Liew, Marketing & Communications Manager, Knight Frank Singapore
lixia.liew@sg.knightfrank.com +65 6228 7358