CBRE, a leading real estate services company, is the appointed exclusive marketing agent for the 27-room Hotel Clover located at 7 Hongkong Street and the commercial building at 36 Hongkong Street. The boutique hotel is being offered for sale at a guide price of $27 million, while the commercial building has a guide price of $22.6 million.
Sitting on a prime 1,701 sq ft plot, the six-storey Hotel Clover boasts 27 well-appointed rooms and is zoned as a “hotel” property with a 4.2 plot ratio under the latest Master Plan. With a remaining leasehold of approximately 89 years, this 99-year leasehold property is a valuable investment opportunity. The hotel’s total floor area spans 7,142 sq ft, translating to a price of $3,780 psf on the floor area.
Similarly, the five-storey commercial building at 36 Hongkong Street sits on a 1,733 sq ft plot and is zoned as a “commercial” property with a 4.2 plot ratio under the Master Plan. This 99-year leasehold property has a remaining land tenure of 93 years and a total floor area of 7,279 sq ft. The guide price for this property is $3,105 psf.
According to Clemence Lee, executive director of capital markets at CBRE Singapore, both properties offer attractive remaining land tenures compared to other 99-year leasehold properties in the CBD area. They are also ideal for owner-occupiers looking for a flagship asset with naming rights for their exclusive operations.
Foreigners and companies are eligible to purchase both properties without incurring Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) on the transactions, making them even more appealing to potential buyers.
Situated in Clarke Quay, a popular riverfront lifestyle precinct, both properties are surrounded by highly acclaimed restaurants, bars, boutique hotels, and fitness studios. They are also conveniently located near Clarke Quay MRT Station on the North-East Line.
With the nearby CQ@Clarke Quay set to undergo a $62 million asset enhancement initiative and the upcoming completion of two new large-scale integrated developments, Canninghill Piers and Union Square, the potential for future rental upsides and capital appreciation is promising.
The properties will be sold through an expression of interest exercise, which closes on March 26. Don’t miss out on this rare opportunity to own a valuable investment in one of Singapore’s most vibrant and sought-after locations. Contact CBRE now for more details.