Savills Singapore & CBRE as the exclusive joint marketing agents, are proud to offer for sale Hotel @ 51 Joo Chiat Road and Hotel @ 22 Belilios Lane – an iconic portfolio of 2 superbly located hotels comprising 138 keys.

Hotel @ 51 Joo Chiat Road: Centrally located in the heart of Joo Chiat, the 70-key standalone 4-storey hotel building is situated on a prominent corner site with strong branding and signage rights. The property occupies a land area of approx. 7,629 sq ft and an estimated total floor area of approx. 22,925 sq ft. The 70-key hotel occupies approx. 18,063 sq ft on level 2 to 4 while the ground floor lobby reception and retail unit occupy approx. 4,862 sq ft.

The property is set in the culturally rich and vibrant Joo Chiat neighborhood, one of Singapore’s most iconic heritage areas dotted with beautifully preserved Peranakan shophouses and a lively mix of traditional and contemporary attractions. The hotel is well-connected by public transportation, making it an excellent base for exploring the rest of Singapore. The nearest MRT station, Paya Lebar, is just a short walk away, offering direct access to key areas like the Central Business District, Orchard Road, and Marina Bay.

Additionally, multiple bus routes run along Joo Chiat Road, providing easy connections to various parts of the city. The hotel is also easily accessible from major expressways such as the East Coast Parkway (ECP) and Pan Island Expressway (PIE), and Changi Airport is just a 15-minute drive away.

Hotel @ 22 Belilios Lane: Prominently located in the heart of Little India, the 68-key heritage hotel enjoys excellent connectivity and proximity to a plethora of amenities. Housed in a corner row of 12 adjoining, 2-storey with attic conservation, the property occupies a land area of approx. 13,130 sq ft and an estimated total floor area of 25,540 sq ft.

The 68-key hotel occupies approx. 21,790 sq ft, while the 9 units of retail and F&B space on the ground floor occupy approx. 3,750 sq ft. The shops have always enjoyed high footfall traffic from the prominent 90-metre dual road frontage along Belilios Lane and Belilios Road. The Property is also well-equipped with modern specifications with 2 passenger lifts, which is a rare find within shophouses. The new owner can either choose to self-manage the hotel or engage an independent operator.

Little India is a buzzing historic area that shows off the best of Singapore’s Indian community, from vibrant culture to incredible shopping 24/7. It is today one of Singapore’s most vibrant districts which has undergone massive rejuvenation. With its proximity to the city and a bohemian vibe, many artists also call Little India home.

Nestled right in the heart of the historic and vibrant Little India district, the Property enjoys seamless connectivity with Little India MRT Interchange Station (Downtown Line and North-East Line) a mere 6 mins walk away. It provides direct access to the Central Business District, Singapore’s prime shopping belt in Orchard Road, and other fascinating cultural and entertainment areas.

Ms. Yap Hui Yee, Executive Director, Investment Sales & Capital Markets at Savills Singapore, shares, “Southeast Asia is set to become the fourth largest economy with an encouraging outlook of the region and a burgeoning affluent upper middle class for whom travel and the quest for leisure experiences will only grow. Singapore has long positioned itself with a clear Tourism 2040 Roadmap to ensure the city state cements its position as the leading regional tourism hub. The sale of the hotel portfolio comes at an opportune time with the optimistic outlook for Singapore’s tourism sector with significant government investments in infrastructure, new global partnerships and a slew of business and lifestyle events.

Ms Yap adds, “An incoming owner will be able to leverage on the scale of the portfolio to establish its presence and enjoy economies of scale in operations in 2 distinct city-fringe tourist enclaves. The boutique nature of both assets also allows a curation of an intimate, unique and personalised stay experience which has become increasingly popular with discerning travellers seeking authentic experiences.”

Mr. Clemence Lee, Executive Director, Capital Markets at CBRE, shares, “Singapore continues to take the lead as Asia Pacific’s top hospitality market given its World-class infrastructure, seamless flight connectivity and renowned leisure attractions. Although international tourism arrivals have yet to fully recover, key hotel performance indicators such as Revenue per available room (RevPAR) and Average Daily Rate (ADR) have exceeded pre-pandemic levels. Further growth is expected given the limited supply pipeline and aggressive demand growth forecast as Singapore continues to ramp up events such as the F1 Grand Prix and impressive line-up of concerts till the end of the year.”

Mr Lee adds, “Given the palatable quantum and scale of the portfolio of hotels, the incoming owner is presented with a great opportunity to expand their hospitality brand with a total of 138 keys in two well-established neighbourhoods. Through strategic value enhancement works, the assets can be repositioned into serviced apartments or co-living facilities that can provide flexible but more stable lease terms.”

The guide price for the Hotel at Joo Chiat is $60 million and the Hotel at Little India is $63 million. Interested parties are invited to evaluate this rare opportunity to acquire the hotel individually or collectively as a portfolio. Foreigners and companies are eligible to purchase the properties and no Additional Buyer Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) will be imposed.

The sale will be conducted through an Expression of Interest exercise, which closes on Monday, 7 October 2024, at 3pm.

For further information, please contact Yap Hui Yee, Executive Director, Investment Sales & Capital Markets, Savills Singapore and Clemence Lee, Executive Director, Capital Markets, CBRE as the details below.