SINGAPORE, July 28 – A 38-room freehold hotel in Singapore’s Geylang district has been launched for sale via public tender at a guide price of S$23.5 million ($17.4 million), real estate consultancy CBRE said, as investor interest grows in hospitality assets with redevelopment potential.
The four-storey hotel at 60 Lorong 8 Geylang sits on a 7,555 square foot site and has a gross floor area of 12,499 sq ft, translating to S$1,880 per sq ft or approximately S$618,000 per room.
The property is zoned “Commercial/Institutional” under the Urban Redevelopment Authority (URA) Master Plan 2019, offering potential for repositioning or redevelopment.
The site is being offered with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD), which CBRE said is expected to attract a broad pool of investors, including family offices, corporate buyers, and high-net-worth individuals.
“Freehold boutique hotels in city-fringe locations like Geylang are hard to come by,” said Joshua Giam, Director of Capital Markets at CBRE. “With strategic refurbishment, the buyer can enhance room rates and uplift asset value.”
The listing comes amid a recovering tourism sector in Singapore, where average daily rates and occupancy for mid-tier hotels have improved post-pandemic.
While large-scale hotel transactions have been limited due to tighter financing conditions, smaller assets in well-connected fringe areas are increasingly seen as opportunities for value-add strategies or long-term repositioning.
Geylang, a historically red-light district, has seen gradual gentrification with the influx of co-living operators, F&B outlets, and lifestyle businesses.
The property’s proximity to the Central Business District and Paya Lebar commercial node, as well as expressways and key venues like the National Stadium and Suntec City, enhances its appeal as a potential mixed-use hospitality or commercial project.
The tender will close at 12 p.m. on August 26.
Business News Asia
