Thursday, September 3, 2009

Joo Chiat Hotel For Sale By Tender

Source : Channel NewsAsia, 01 September 2009

A conserved building approved for use as a hotel at Joo Chiat Road has been put up for sale by tender.

The property is owned by a local investment company, which is seeking offers in the range of S$20 million to S$22 million.

Joo Chiat Hotel comprises a 3-storey front section and a 4-storey rear extension, with 68 guestrooms and one pub. These are leased by operators at a total gross rental revenue of slightly over S$1 million a year.

The 99-year leasehold (from June 1995) site is about 708.8 square metres (7,629 square feet), with a total gross floor area of 2,129.8 sq m (22,925 sf).

Joo Chiat was gazetted as a conservation district in mid-1993, and is characterised by architectural styles of the turn of the 20th century as well as many Peranakan shophouses.

Property consultant Credo Real Estate said in a statement that the hotel, which is near Paya Lebar Central, is likely to benefit from appreciation in capital value as the transformation of Paya Lebar Central materialises.

Paya Lebar Central, one of the four targeted growth areas in the Master Plan 2008, promises to be a bustling commercial centre with offices, retail outlets, hotels and public spaces, Credo added.

The tender for the hotel closes at 2.30pm on October 6. - CNA/al

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