SINGAPORE – Knight Frank Singapore is pleased to announce the launch of Hotel Compass, a freehold hotel comprising a total of 49 rooms, for sale by public tender. Knight Frank is the exclusive marketing agent for the property.
Hotel Compass is an 8-storey hotel with a site area of 436.90 sq m (approximately 4,703 sq ft). Under the 2014 Master Plan, the site is zoned “Commercial/Institution” with a Gross Plot Ratio of 2.8 and has a Gross Floor Area of approximately 1,486.4 sq m (approximately 16,000 sq ft). The property is located in close proximity to Aljunied MRT station on the East-West Line and Mountbatten MRT Station on the Circle Line. It is within a 20-minute drive from both the Central Business District and Changi International Airport.
Mr Ian Loh, Head of Investment and Capital Markets, Knight Frank Singapore, says, “Hospitality is a very well sought-after asset class in Singapore, and the hotel is ideal both for investors and end-users with its palatable sale quantum. Furthermore, the property is only a short drive to the rejuvenated Paya Lebar commercial hub, where hotel guests can enjoy a wide array of leisure, entertainment and dining amenities at the upcoming PLQ Mall, SingPost Centre, Paya Lebar Square and Kinex Mall.”
Ms Sharon Lee, Head of Auction and Sales, Knight Frank Singapore, shares, “There will be no Additional Buyer’s Stamp Duty and Seller’s Stamp Duty payable for the commercial property, with both foreigners and companies eligible to purchase the asset. This presents a rare opportunity to acquire a standalone hotel and commercial building with high visibility from the main road and in a locale with rich architectural heritage.”
The guide price for the Compass Hotel is S$23 million to S$25 million, with the tender set to close on Friday, 1 November 2019, at 2.00 pm.