Archive for category: Misc

The Singapore Grand Prix in 2023 had a positive impact on many hotel establishments, from upscale to budget ones. Along Hongkong Street, a plethora of hotels enjoyed high occupancies, some running full. For example, the Fragrance Hotel Riverside at 20 Hongkong Street, Bluewaters Pods Hotel at 38 Hongkong Street, Hotel Nuve Elements at 41 Hongkong Street, and Hotel Bencoolen at 47 Hongkong Street – all experienced great success.

Additionally, bars and restaurants in the area also saw great business. 28 Hongkong Street housed a well-known cocktail bar, voted one of Asia’s 50 best bars in 2023. Popular eateries such as Vios by Blu Kouzina at 31 Hongkong Street, Amo at 33 Hongkong Street, Soollounge2 at 38 Hongkong Street, and Mizume at 41 Hongkong Street, saw an influx of hungry customers.

As for its location, Hongkong Street is three minutes away from Clarke Quay MRT station and Clarke Quay Central Mall. From there, it is a stone’s throw away from the many restaurants, bars and clubs located at Clarke Quay, Robertson Quay and Boat Quay, along the Singapore River. It is also close to the Core CBD, Chinatown and Marina Bay, making it an attractive location for tourists and locals alike.

In the post-Covid recovery, hotels, including those on Hongkong Street, have experienced a surge in room rates. According to Singapore Tourism Board statistics, from January to July, the average room rate was up 25.2% year-on-year to $275.21, and the average occupancy rate hovering at 80.09%, up 10.7% year-on-year.

The shophouse owners at 41 Hongkong Street, have come forward to capitalise on current investor interest. The property, available by expression of the interest and with the exclusive marketing agent being Brilliance Capital, has a closing date of November 9th. As for the property itself, it is located off New Bridge Road and is thus in the Upper Circular Conservation Area, a Secondary Settlement, comprising of properties developed between 1900’s and 1960’s as the city centre expanded.

Furthermore, the Tampines Ave 11 Condo Capitaland also enjoys easy access to numerous amenities. Shopping malls, parks, and food & beverage outlets are within the vicinity, making this an ideal home away from the hustle and bustle of the city. The Tampines Expressway, Pan Island Expressway and East Cost Parkway further enhance the appeal of this development. With so much to offer, it is easy to see why Tampines Ave 11 Condo Capitaland is an attractive option for those looking for a comfortable family home.

The current shophouse was extensively retrofitted in 2016, with a 6 storeys rear extension and a lift to each floor. A Temporary Occupation Permit was achieved in October 2019, with a 99 year lease beginning from December 2018. The 30-room Hotel Nuve Elements took up the upper floors, while a Japanese restaurant Mizume was located on the ground floor.

The shophouse is listed for sale at a whopping $35 million, which when taking into account the value of the F&B (food and beverage) space of 1,051 sq ft (excluding the common areas) on the ground floor, priced at $6.1 million, puts the price of the hotel component at 41 Hongkong Street at a price of $963,000 per key.

This past year, the nearby 18 Hongkong Street was sold for $9.6 million, while 17 Hongkong Street was put up for sale in September. The freehold property sits on a land area of 1,793 sqft and has a total built-up area of 7,950 sq ft, and is priced at $47.5 million, which translates to $5,975 psf based on floor area.

Meanwhile, shophouse investors also have their sights set on 41 Hongkong Street. Given its current hotel licence and location, investors are likely to be keen. Sammi Lim, founder and director of Brilliance Capital, sees this opportunity as a chance for family offices to swoop in and long-term hold it as a single office building. Lim also notes that with sellers becoming more realistic in their asking prices, genuine buyers are returning to the market.