Hotel Compass, a freehold resort in Geylang, was established for sale by public tender at a direct price of $23 million to $25 million, advertising representative Knight Frank Singapore stated on Thursday (Oct 17).
The eight-storey hotel includes a total of 49 rooms, and occupies a site area of 436.9 square metres (roughly 4,703 square feet).
Underneath the Urban Redevelopment Authority’s 2014 Master Plan, the site is zoned”commercial/institution”, using a gross plot ratio of 2.8, and has a gross floor area of roughly 1,486.4 sq m.
The land is located near Aljunied MRT station on the East-West Line, in Addition to Mountbatten MRT Station on the Circle Line. It’s also inside a 20-minute drive in the central business district and Changi International Airport.
Ian Loh, head of capital and investment markets in Knight Frank Singapore, stated:”Hospitality is a rather well-known asset category in Singapore, and also the resort is perfect both for investors and end-users using its palatable selling quantum.
“Additionally, the home is just a brief drive into the beefy Paya Lebar commercial heart, where resort guests can enjoy a vast selection of leisure, dining and entertainment amenities in the approaching PLQ Theater, SingPost Centre, Paya Lebar Square and Kinex Mall.”
Sharon Lee, head of sales and auction at Knight Frank Singapore, noted that there’ll be no extra purchaser’s postage duty, and seller’s stamp duty payable to your industrial property, together with both foreigners and firms eligible to buy the asset.
“This presents a rare chance to get a standalone resort and business construction with high visibility from the main street, and at a locale with rich architectural heritage,” Ms Lee added.