Colliers International, Singapore

International property consultant, Colliers International will be putting up for sale by tender four adjoining two-and-a-half-storey refurbished shophouses located at 35 Hamilton Road. The tender will close on May 23, 2008, at 3.00 pm.

Sitting on a freehold land of 8,775 sq ft, the four shophouses have a combined GFA of 15,489 sq ft. They are currently tenanted, with the last tenancy expiring in October 2009.  

Under the 2003 Master Plan, the site is zoned for “Civic and Community Institution” use with a gross plot ratio of 3.0. The Urban Redevelopment Authority (URA) has since granted a change of use to “Hotel”.   

Indicative price for the subject property is in the region of S$18 million to S$19 million. The successful buyer can refurbish and increase the GFA of the subject property to 26,327 q ft by adding a six-storey block at the rear; thereby transforming the entire development into a boutique hotel accommodating a total of some 110 guestrooms.

Ms Grace Ng, Colliers International’s Deputy Managing Director (Agency and Business Services) and Auctioneer, says, “Given that the Singapore tourism industry is booming with tourist arrivals projected to reach 10.8 million in 2008 and 17 million in 2015 by the Singapore Tourism Board, there will be an increase in demand for hotel accommodation – particularly so for the mid-priced hotel tier, which is already experiencing a supply crunch.

In fact, the shortage of mid-priced hotel accommodation in the hospitality industry has pushed up the property prices of boutique hotels in Singapore in the last few years. Sale value of boutique hotels has soared from a mere S$72.55 million in 2006 to S$225.05 million in 2007.”

Ms Ng continues, “Meanwhile, the tourism industry in Asia Pacific is expected to thrive due to the readily-available budget airlines and increased growth around the region; and Singapore is strongly growing as Asia Pacific’s tourism hub. Given the various activities and projects in the pipeline such as Formula One, the Youth Olympic Games and the Integrated Resorts, this is a timely opportunity for investors to acquire the subject property and fill the supply gap for mid-priced hotel.

The successful buyer could consider leveraging the unique architectural design of the shophouses and develop it into a themed boutique hotel – in the likes of The New Majestic Hotel, The Scarlet and Hotel 1929. Boutique hotels with unique themed designs have gained much popularity in Singapore – appealing to both locals and tourists, since they provide a novel and completely different staying experience from the standard international hotels.”

Located in Jalan Besar Conservation Area, the subject site is easily accessible from Changi Airport via East Coast Parkway and is only a few minutes’ drive to the Central Business District and the Integrated Resorts. Public transport facilities are readily available along Lavender Street and Horne Road and it is within walking distance to the Lavender MRT station. The subject site is also near the Lavender Food Square, Jalan Besar Plaza, Serangoon Plaza and Mustafa Centre.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.

Contact Information

Seah Li Ching
Senior Executive, Marketing and Communications
Tel: 65 6223 2323
Direct: 65 6531 8545


Grace Ng
Dy Managing Director (Agency and Business Services)
Tel: 65 6223 2323
Direct: 65 6531 8500

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