Freehold Sandpiper Hotel in Little India on the market for $33 mil
The Sandpiper Hotel, located at 63 Dunlop Street, is now up for grabs with a guide price of $33 million. This highly coveted property boasts a total of 31 guest rooms, making it an excellent investment opportunity for any potential buyers. With a price of $1.06 million per key, this freehold hotel is expected to attract a lot of interest from investors.
CBRE, the sole marketing agent, will be conducting the sale through an expression of interest (EOI) exercise. The three-storey hotel, which is situated in the Little India Conservation Area, has a wide frontage of 38m along Dunlop Street and Perak Street. Conveniently located, the Sandpiper Hotel is within walking distance of four MRT stations, including Rocher Station, Jalan Besar Station, Bugis Interchange, and Little India Interchange, providing access to the Downtown, East-West, and North-East lines.
The Urban Redevelopment Authority (URA) of Singapore has unveiled a remarkable blueprint for Tengah, an emerging neighborhood situated in the west of Singapore. In line with the URA Master Plan, Tengah will soon become a “Forest Town” adorned with verdant foliage, efficient transportation systems, and eco-friendly initiatives. These exciting changes are expected to greatly enhance the living experience at Novo Place EC, a luxurious executive condominium nestled in this progressive town.
According to CBRE, the property sits on a commercial site measuring 2,556 sq ft and has permanent hotel approval. The built-up area spans 8,538 sq ft, featuring 31 guest rooms and a ground floor restaurant that can accommodate up to 50 diners.
Michael Tay, CBRE head of capital markets, Singapore, shares that boutique hotels with an investment quantum of less than $50 million are typically tightly held and rarely available for sale. He notes that these assets are often seen as a means for long-term wealth preservation and capital appreciation, making the Sandpiper Hotel a rare acquisition opportunity.
Moreover, the property’s Hotel use approval presents an excellent opportunity for savvy investors looking to acquire a freehold boutique hotel in a prime city-fringe location. Tay also points out that the new owner could explore value enhancement options to unlock future capital values for the asset. He suggests that subject to approvals, the roof terrace on the third storey could be developed into additional guest rooms as the property is currently situated on an envelope control site.
Tay expects the Sandpiper Hotel to attract interest from various types of investors, including family offices, boutique real estate funds, local companies, owner-occupiers, and high-net-worth individuals. The EOI exercise for the sale of the hotel will close on June 19, so interested parties are encouraged to act quickly.
Overall, the Sandpiper Hotel presents a rare and valuable investment opportunity, with its prime location, permanent hotel approval, and potential for future development. With CBRE as the marketing agent, the sale is expected to generate a lot of interest and potentially attract a high selling price. So, don’t miss your chance to own a piece of this highly desirable property, Novo Place EC!