The Inn at Temple Street, a 42-key boutique hotel located along Temple Street in Chinatown, has been launched for sale via an Expression of Interest (EOI) exercise with a guide price of $90 million, reflecting a price of $2.14 million per key. Property consultancy ETC is facilitating the sale of the property.
The property is an amalgamation of five three-storey conservation shophouses, collectively spanning a land area of about 6,017 sq ft with a total built-up area of 15,095 sq ft. Thus, its guide price reflects a land rate of about $14,958 psf.
The 999-year leasehold property is zoned for commercial use, allowing for a wide range of uses including retail, F&B, wellness concepts and office. It also holds an existing planning approval for hotel use — a privileged status, as URA no longer permits new applications for hotels, serviced apartments or hostels in the area.
The property is to be sold collectively and is open to both local and foreign buyers. The property is not subject to Additional Buyer’s Stamp Duty (ABSD) nor Seller’s Stamp Duty (SSD).
“The subject property offers a compelling blend of historical charm, prized hotel approval, near freehold-equivalent tenure and five separate land titles,” says Swee Shou Fern, head of investment advisory at ETC. “Its prime position within the high foot traffic, culturally significant precinct makes it an exceptional opportunity for investors, operators, or boutique developers.”
She adds that an incoming buyer could choose to reconfigure the property into standalone shophouses or reposition the asset into a private members’ club or upscale wellness retreat. Last renovated in 2011, the subject property provides a solid foundation for asset enhancement.
The property is located just 100m from Chinatown MRT Interchange along the North East and Downtown Lines.
The EOI exercise for the property closes on July 8.
