.
As potential investors from outside of Singapore, it is crucial to familiarize oneself with the policies and limitations surrounding property ownership in the country. In comparison to landed properties, there are relatively fewer restrictions for foreigners when purchasing condos. However, it is important to note that foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD), which currently sits at 20% for initial property purchases. Despite this added expense, the stability and potential for growth in the Singapore real estate market continue to entice foreign investment. For those interested, you may also want to explore the latest offerings of New Condo Launches in Singapore.
A rare opportunity presents itself to own a freehold 15-room loft hotel situated at 739-1 Geylang Road in District 14, now available for sale at $14 million. This property spans across 2 storeys and is accompanied by a newly constructed 4-storey rear extension, occupying a land area of 1,273 sq ft. With an approved gross floor area (GFA) of up to 3,186 sq ft, this hotel boasts not only a prime location but also a permanent “Hotel” zoning and usage approval, making it a highly desirable and sought-after conversion for new conservation shophouses in Singapore.
One of the most attractive features of this hotel is its ideal location, within a short 5-minute walk to the Paya Lebar MRT station, providing unparalleled connectivity. As a dual-line station, serving both the East-West line and Circle line, this MRT station offers guests seamless access to various parts of Singapore, making it a popular choice among travelers.
This hotel, thoughtfully designed with a sophisticated Japandi theme, is currently under construction and is set to receive its Temporary Occupation Permit (TOP) in Q2 2025. The comprehensive sale price includes all construction and renovation costs, ensuring that the property is ready for immediate operation upon purchase, making it a turnkey investment opportunity for those looking to enter or expand their presence in the hospitality sector.
For investors, this property presents an attractive proposition, as the current owner, an experienced hotel operator, is open to a sale and leaseback arrangement. This allows for immediate rental income and operational continuity, making it an appealing option for potential buyers. Eva Lau, Senior Marketing Director of ERA Realty Network Pte. Ltd., predicts that this hotel will attract owner-operators as they can take advantage of major renovations, resulting in a quick and seamless commencement of operations.
The demand for hospitality assets in Singapore has been steadily increasing over the past year. Notable recent transactions include LHN Group’s acquisition of Pasir Panjang Inn, a 16,626 sq ft site, for $30 million. In addition, an 8-storey hotel at 12 Lorong 12 Geylang was listed for sale at $120 million last year, while Hotel JJH, a 25-room property at 747 North Bridge Road, is currently on the market for $38 million. These trends indicate a strong appetite for well-located, high-quality hospitality assets, making them one of the most desirable commercial shophouse usage classes in Singapore.
For more information on this property, please contact Eva Lau at 92785688, Senior Marketing Director (R062169F) of ERA Realty Network Pte Ltd.
RELATED NEWS
– Village Hotel Sentosa: The crowd favourite
– Freehold hotel in Chiang Mai on the market for $24.3 million
– Banyan Tree records $31.7 million FY2023 earnings, declares 1.2 cents dividend