International property consultant, Colliers International will be re-conducting an expression of interest (EOI) exercise for the sale of Park Regis Singapore, which is located at 23 Merchant Road.
The EOI exercise will launch on 19 December 2012. Interested buyers are invited to submit their offer to Colliers International by 9 January 2013.
This is the second time that Colliers International has been appointed by the same owner to put Park Regis Singapore up for sale. The subject property was first being put up for sale in August 2011; and although it had attracted several bids then, there was no concluded deal.
Park Regis Singapore is a seven-storey integrated development comprising a four-star business and leisure hotel, which has 203 rooms, and an adjacent office tower with a net lettable area of some 41,452 sq ft. It has 41 car parking lots in the basement.
The property sits on a 99-year leasehold (w.e.f. Year 2008) site, which has an area of approximately 37,762 sq ft.
Under the 2008 Master Plan, the subject site is zoned for “Hotel” use, with an allowable plot ratio of 3.5 and a maximum height of up to seven storeys.
Ms Tang Wei Leng （邓慧玲）, Executive Director of Investment Services at Colliers International, says, “Since the opening of the two integrated resorts, the Singapore tourism industry has been producing stellar results, and there have been very strong interest for more hotels from both investors and operators. The robust demand is also evident from the competitive bidding seen recently for the GLS hotel site at Jurong Town Hall, as well as the white site at Novena.
On the back of Singapore’s healthy tourism fundamentals and the government’s efforts to focus on quality tourism to promote growth, we can expect to see strong visitor arrivals which would boost ARR and revenue per available room (RevPAR).”
Ms Tang continues, “Since the previous exercise, we have received several enquiries for the purchase of Park Regis, and the number of enquiries has intensified recently with a few indicative offers. Hence, this EOI exercise will provide a timely opportunity for serious parties to submit their best offers for the owner’s consideration.”
Park Regis Singapore is strategically located on the fringe of Singapore’s Central Business District, alongside the Singapore River, and directly opposite Clarke Quay, the popular dining and entertainment venue. Surrounding vicinities include Chinatown, Orchard Road, Marina Bay and Raffles Place. Clarke Quay MRT station is within a few-minute walking distance.