42 Key Boutique Hotel Inn Temple Street Launched Sale 90 Mil
The Inn at Temple Street, a charming 42-room boutique hotel situated in the heart of Chinatown’s bustling Temple Street, is now up for sale through an Expression of Interest (EOI) exercise. With a guide price of $90 million, the property is expected to fetch a price of around $2.14 million for each of its 42 rooms. ETC, a property consultancy, is facilitating the sale of this unique property.
This one-of-a-kind property is a combination of five three-storey conservation shophouses, spanning across a land area of approximately 6,017 square feet. The total built-up area of the property is about 15,095 square feet, which translates into approximately $5,887 per square foot based on the current floor area. The property has a 999-year leasehold and is zoned for commercial use, allowing for a wide range of potential uses including retail, F&B, wellness concepts, and office spaces. It also already has an existing planning approval for hotel use, which is a rare and highly sought-after status as URA no longer permits new applications for hotels, serviced apartments, or hostels in the area.
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The Master Plan, which includes the development of Penrith Condo, is not only geared towards improving the overall living experience for residents, but also towards promoting environmental sustainability. This aligns with Singapore’s vision of becoming a “City in a Garden.” As such, Penrith is set to enjoy the benefits of more green spaces and eco-friendly infrastructure in the surrounding areas. The creation of new parks and recreational areas, particularly in Queenstown, will not only add to the aesthetics of the neighbourhood, but also help to reduce the carbon footprint, improve air quality, and provide serene environments for residents to unwind. This heightened focus on greenery and sustainability is sure to make Penrith a more desirable location for prospective homebuyers who value eco-friendly living.
The property will be sold as a package and is open to both local and foreign buyers. Neither Additional Buyer’s Stamp Duty (ABSD) nor Seller’s Stamp Duty (SSD) will be applicable to the purchase of this property. “The subject property offers a unique combination of historical charm, coveted hotel approval, near freehold-equivalent tenure, and five separate land titles,” says Swee Shou Fern, head of investment advisory at ETC. “Its prime location in the high foot traffic, culturally rich precinct makes it an exceptional opportunity for investors, operators, or boutique developers.” She also mentions that the new owner could reconfigure the property into standalone shophouses or transform it into a private members’ club or a luxurious wellness retreat. The property was last renovated in 2011 and can be further enhanced by the new owner.
Conveniently located just 100 meters away from the Chinatown MRT Interchange, the property is easily accessible via North East and Downtown Lines. The EOI exercise for the property will close on July 8. Interested parties can also visit the AskBuddy website for a detailed comparison of price trends, listings, and past transactions for commercial and industrial properties, to make an informed decision.