CBRE, the exclusive marketing agent, is currently offering two prime properties for sale in the bustling Clarke Quay area: the 27-room boutique Hotel Clover at 7 Hongkong Street and a commercial building at 36 Hongkong Street. These properties are being offered at attractive guide prices of $27 million and $22.6 million respectively.
Situated on a 1,701 sq ft plot, the six-storey Hotel Clover is zoned as a “hotel” with a plot ratio of 4.2 under the latest Master Plan. It boasts a remaining land tenure of approximately 89 years on its 99-year leasehold site. The hotel, which spans 7,142 sq ft, is being offered at a price of $3,780 psf on its floor area.
Similarly, the five-storey commercial building at 36 Hongkong Street sits on a 1,733 sq ft plot that is zoned as a “commercial” property with a plot ratio of 4.2 under the Master Plan. This 99-year leasehold site has a remaining land tenure of 93 years and a total floor area of 7,279 sq ft. The guide price for this property is $3,105 psf.
Both properties offer a more attractive remaining land tenure compared to other 99-year leasehold properties available for sale in the CBD area. They are also ideal for owner-occupiers looking for a flagship asset at a reasonable price with naming rights for their exclusive operations, according to Clemence Lee, executive director of capital markets at CBRE Singapore.
Since both properties are classified as hotel and commercial properties, foreigners and companies can purchase them without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).
Located in the popular Clarke Quay precinct, which is known for its vibrant dining and nightlife scene, these properties are also in close proximity to the Clarke Quay MRT Station on the North-East Line. Several major developments, such as CQ@Clarke Quay and Canninghill Piers, are set to enhance the vibrancy of the area, making it a highly desirable location for businesses.
Lee also notes the potential for rental upsides and capital appreciation in the medium to long term for both properties. The sale for both assets will be conducted through an expression of interest exercise ending on March 26. Interested buyers can contact CBRE for more details.