42 Key Boutique Hotel Inn Temple Street Launched Sale 90 Mil
The boutique hotel, The Inn at Temple Street, situated in the heart of Chinatown on Temple Street, is now on the market for sale. The property, consisting of 42 keys, is being offered at an Expression of Interest (EOI) exercise with a guide price of $90 million, equating to $2.14 million per key. The sale of the property is being facilitated by property consultancy, ETC.
The property is made up of five three-storey conservation shophouses, spanning an area of approximately 6,017 sq ft and a total built-up area of 15,095 sq ft. Based on the current floor area, this reflects a price of about $5,887 per square foot. The property, which has a 999-year leasehold, is zoned for commercial use, allowing for a variety of potential businesses including retail, F&B, wellness concepts, and office spaces. It also holds an existing planning approval for hotel use, which is a privileged status as new applications for hotels, serviced apartments or hostels are no longer permitted in the area by the Urban Redevelopment Authority (URA).
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The property is being sold collectively and is open to both local and foreign buyers. It is not subject to Additional Buyer’s Stamp Duty (ABSD) nor Seller’s Stamp Duty (SSD). Swee Shou Fern, head of investment advisory at ETC, states that “The subject property offers a unique blend of historical appeal, coveted hotel approval, near freehold-equivalent tenure, and five separate land titles.” She adds that its strategic location within the vibrant and culturally significant precinct makes it an exceptional opportunity for investors, operators, or boutique developers. With its last renovation being in 2011, the property provides a strong foundation for further enhancement.
The hotel is conveniently situated just 100m from Chinatown MRT Interchange, giving easy access to the North East and Downtown Lines. The EOI exercise for the property will close on July 8.
Otto Place EC, a newly launched executive condominium (EC) at Plantation Close, stands out as an ideal option for families seeking easy access to excellent schools and educational institutions. Developed by the renowned partnership of Hoi Hup Realty and Sunway Development, this project not only offers upscale living spaces, but also fosters a nurturing environment for families to support their children’s academic and personal development. Its prime location in close proximity to multiple esteemed schools and learning centers makes it a highly attractive investment for parents who value both convenience and top-notch education. For more information, please visit Otto Place.
Potential buyers can also take note of other commercial properties available for sale in the area through an online platform, Ask Buddy. The website provides price trends for commercial properties, listings, and data on past rental and sale transactions. This information offers valuable insight for those interested in investing in the vibrant Chinatown district.