Savills Singapore, as the exclusive marketing agent, is proud to offer for sale: Sandpiper Hotel – a freehold, three-storey hotel with a basement level, situated amidst the bustling Jalan Besar / Little India precinct. Prominently located in the main thoroughfare, the property enjoys high occupancy rate throughout out the year from both local and overseas travelers.
Built in circa 2005, Sandpiper Hotel sits on a freehold land area of approximately 2,750 sq ft with full “Commercial” zoning and has rare hotel approval. The Property consists of 29 hotel rooms, with a passenger lift to serve guests from the basement level to third floor. Part of the ground floor space is currently leased out to a F&B operator as an al-fresco dining area, and a small kiosk is in the midst of being carved out to operate as a money exchange in the near term.
Situated along Dunlop Street and Perak Road with 35 meters of dual road frontage, the Sandpiper Hotel enjoys high visibility and footfall throughout the day. This desired corner plot location provides the buyer and operator potential naming and signage rights.
The area has transformed into an eclectic and diverse mix of commercial activities with new residential developments and hip F&B hangouts thriving alongside historic temples and cultural treasures. This city fringe locale has transformed over the years into an exciting lifestyle enclave frequented by both tourists and locals.
Jeremy Lake, Managing Director, Investment Sales & Capital Markets at Savills Singapore, said: “Little India is the heart of Singapore’s India Community and testament to the rich and diverse culture we possess. With the property sitting within a location that is undeniably one of Singapore’s most vibrant historical districts and coupled with the recent easing of border restrictions, the asset is poised to benefit from the influx of international tourists seeking to immerse themselves in this bustling enclave.”
“Boutique hotels with such a palatable investment quantum are usually tightly held. This is a truly exceptional opportunity for buyers to own this corner hotel in an exciting district. The purchaser for the subject property can look at value-add potential to reposition the asset. For example, it can be converted into serviced or co-living apartments that provides longer but flexible lease terms.” Mr Lake shared.
The guide price for Sandpiper Hotel is $35 million. Foreigners and companies are eligible to purchase the property and NO Additional Buyer Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) will be imposed.
Mr Lake added: “This is a truly exceptional opportunity for buyers to own this prized asset. As the property enjoys the unique advantage of being in the heart of a heritage district, yet within 10-minute drive to the Central Business District, the purchaser will be able to enjoy the potential capital appreciation.”
The sale will be conducted through Expression of Interest exercise, which closes on Friday, 2 December 2022, at 3pm.