SINGAPORE - Freehold serviced apartments Oakwood Studios, located at 18 Mount Elizabeth, has been put up for sale via an Expression of Interest (EOI) exercise with a guide price of $170 million, said sole marketing agent Edmund Tie & Company on Wednesday.

The property comprises 98 units of studio, one- and two-bedroom apartments and spans across a site area of approximately 18,000 sq ft.

This brings its guide price to about $1.7 million per unit, with on-site amenities such as a fitness centre, rooftop swimming pool and communal gardens.

The site is also zoned for residential use under the Urban Redevelopment Authority Master Plan 2019.

As serviced apartments come fully equipped with a bigger space as compared with hotels, they are quite popular among expatriates seeking a rental home as they relocate to Singapore, said Ms Swee Shou Fern, head of investment advisory at Edmund Tie.

Demand for these apartments is also supplemented by longer-stay corporate and leisure travellers, she added.

"Serviced apartments have proven to be a resilient asset class amid the Covid-19 pandemic, as they remain a preferred choice for long-stay guests seeking quality accommodation with flexibility of lease," said Ms Swee.

"Fueled by elevated residential rental demand and a surge in travel demand, the performance of serviced apartments is well supported and is expected to register strong growth."

Oakwood Studios was last refurbished in 2017. Nestled within the prime Orchard enclave, shopping, dining and lifestyle facilities nearby include The Paragon, Ngee Ann City and ION Orchard.

The EOI exercise will close on Oct 7 at 3 pm. THE BUSINESS TIMES