Jan 21, 2021
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The hotel, which comes with a 1,744 sq ft shop space, has a gross floor area of 22,925 sq ft. Room sizes range between 140 sq ft and 276 sq ft. Image: Cushman & Wakefield

A 70-room boutique hotel at 51 Joo Chiat Road has been launched for sale via expression of interest (EOI) with an indicative price of $55 million, revealed marketing agent Cushman & Wakefield.

Situated within the Joo Chiat Conservation Area, Aqueen Heritage Hotel occupies a 7,629 sq ft corner plot that is zoned for commercial use under the 2019 Master Plan with a gross plot ratio of 3.0.

The hotel, which comes with a 1,744 sq ft shop space, has a gross floor area of 22,925 sq ft. Room sizes range between 140 sq ft and 276 sq ft.

The property is a short walk to Paya Lebar and Eunos MRT stations.

“This is a rare opportunity to acquire a hospitality asset with a palatable quantum. Having opened its doors in 2016, the hotel is in pristine condition and uniquely designed with Peranakan elements. Buyers can capitalise on the opportunity to benefit from the ongoing rejuvenation of the Paya Lebar precinct,” said Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield.

“They may also be well-positioned to capture the recovery in leisure and business travel in light of positive development in the COVID-19 vaccination scene, which will enable Singapore to re-open and expedite recovery from the pandemic,” he added.

The EOI exercise for the hotel closes on 24 February.

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