SINGAPORE - Hotel Compass, a freehold hotel in Geylang, has been launched for sale by public tender at a guide price of $23 million to $25 million, marketing agent Knight Frank Singapore said on Thursday (Oct 17).
The eight-storey hotel comprises a total of 49 rooms, and occupies a site area of 436.9 square metres (about 4,703 square feet).
Under the Urban Redevelopment Authority's 2014 Master Plan, the site is zoned "commercial/institution", with a gross plot ratio of 2.8, and has a gross floor area of about 1,486.4 sq m.
The property is located near Aljunied MRT station on the East-West Line, as well as Mountbatten MRT Station on the Circle Line. It is also within a 20-minute drive from the central business district and Changi International Airport.
Ian Loh, head of investment and capital markets at Knight Frank Singapore, said: "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."
Sharon Lee, head of auction and sales at Knight Frank Singapore, noted that 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," Ms Lee added.
The tender for Hotel Compass will close at 2pm on Nov 1.