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70-Room Boutique Hotel in Joo Chiat For Sale by Expression of Interest

Shaun Poh • 20/01/2021

70-Room Boutique Hotel in Joo Chiat For Sale by Expression of Interest

Aqueen Heritage Hotel – Joo Chiat (the “Property”), a boutique hotel located at 51 Joo Chiat Road, has been put up for sale via an Expression of Interest (“EOI”) exercise by the exclusive marketing agent, Cushman & Wakefield.

Located in the Joo Chiat Conservation Area, the hotel is zoned “Commercial” with a gross plot ratio of 3.0 according to the Master Plan 2019. It sits on a corner plot with a land area of 7,629 sq ft and has a gross floor area of 22,925 sq ft, comprising 70 rooms with sizes ranging from 140 sq ft to 276 sq ft and a shop space of 1,744 sq ft. Currently operated under Aqueen Hotels & Resorts, the brand offers business and leisure travelers value-for-money accommodation options in convenient locations.

The Property is within a short walk to both Paya Lebar and Eunos MRT stations. It is also located in proximity to the cultural neighborhood of Geylang Serai and Joo Chiat, where visitors can soak in the rich heritage of the area, as well as indulge in the great variety of local cuisines. The Property’s location caters to both leisure and business travelers alike, notably from the Paya Lebar precinct. Amenities are aplenty nearby, with a plethora of both old and new shopping malls just a stone’s throw away.

Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, said, "This is a rare opportunity to acquire a hospitality asset with a palatable quantum. Having opened its doors in 2016, the hotel is in pristine condition and uniquely designed with Peranakan elements. Buyers can capitalise on the opportunity to benefit from the ongoing rejuvenation of the Paya Lebar precinct. They may also be well-positioned to capture the recovery in leisure and business travel in light of positive development in the COVID-19 vaccination scene, which will enable Singapore to re-open and expedite recovery from the pandemic.”

The indicative price is $55 million.

The EOI exercise closes on 24 February 2021, at 3.00pm.
 

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