Located at 56 Sims Avenue, the four-storey freehold Regin Hotel is a 3,172 sq ft site zoned for “Residential/Institution” use.
Regin Hotel, a freehold four-storey hotel at 56 Sims Avenue, has been put up for sale via expression of interest (EOI) with a guide price of $23 million, revealed exclusive marketing agent CBRE.
This translates to about $500,000 per key or $2,166 per sq ft (psf) based on the total floor area.
Enjoying excellent visibility along Lorong 9 Geylang and Sims Avenue, the hotel occupies a 3,172 sq ft site that is zoned for “Residential/Institution” use under the 2019 Master Plan with a gross plot ratio of 3.0.
It has obtained permanent boarding house approval and features 46 rooms, a lift, four carpark lots and an internal courtyard. The freehold hotel has a total floor area of about 10,620 sq ft.
A five- to seven-minute walk to Kallang MRT, the hotel is accessible to other parts of Singapore via five major expressways and highways – Central Expressway, Pan-Island Expressway, Kallang-Paya Lebar Expressway as well as East Coast Parkway and Nicoll Highway.
Clemence Lee, Senior Director of Capital Markets for Singapore at CBRE, described the launch of Regin Hotel as “timely” as the city-state progresses on the endemic COVID-19 roadmap.
“More than 80% of the population are now fully vaccinated and there have been further, albeit cautious, easing of border restrictions with more quarantine-free flight paths being explored for vaccinated travellers. This, coupled with pent-up demand for travel, will entail a swift recovery of the tourism and hospitality sector in Singapore,” he said.
Lee expects the hotel to receive keen interest from corporate investors, high-net-worth individuals and family offices who are planning to expand their hospitality footprint within an up-and-coming district in Singapore.
“Being strategically located between two major growth centres – Paya Lebar Regional Centre and the Kallang Riverside Precinct, the property is well-positioned to benefit from a strong spillover of commercial activities, and the new owner can expect to enjoy strong rental and capital appreciation in the medium to long term.”
The EOI exercise for Regin Hotel closes on 14 October.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com.