Le Shantier En Bloc Anticipates Hotelier for Redevelopment
Great Opportunity for Any Developers who Wants to be Part of Emerging Hotel Business
PropNex, which has keen interests on the En Bloc Sale Market, has been appointed by Le Shantier of Balestier to launch its collective sale.
However, before the launch of the tender, Le Shantier will apply for change of use to hotel with the resurgence of hotel business investments leading the scenario.
Le Shantier, located at Shan Road, Balestier Subzone, Novena Planning Area in the historical District 12, is a freehold Mixed Development.
As a medium-rise project, developed by Oversea-Chinese Banking Corporation Limited in the year 1997, the residential component comprises of 32 units (in 10 floors) set behind the commercial units along Shan Road.
Strategically located in the Central Region with close proximity to the CBD, the Le Shantier site is poised for redevelopment in line with the current trend.
This again complements the Government’s ambition to decentralise commercial establishments like office buildings, hotels and retail units from CBD to other districts.
The Le Shantier site enjoys host of lifestyle amenities within reach. It has three MRT stations nearby – Novena MRT Station, Toa Payoh MRT Station and Caldecott MRT Station.
Additionally, the fourth to be operational from 2021 is the Mount Pleasant MRT Station.
Among them, Novena and Toa Payoh are within 800 meters from the building. The Central Expressway (CTE) and the Pan Island Expressway (PIE) provide easy access to other areas of Singapore including the CBD.
The site sits snugly at the heart of Novena District, fondly known as Singapore’s food haven.
A walk along the Balestier street would take several courses over weeks, to complete relishing the different kind of food available in the eateries on the street.
Be it the bak kut teh soups, original blackhead breads, handmade noodles with prawns, barbecued wings and seafoods, rice dumpling pyramids, duck rice or the mung bean pastries, all bear the authentic, original taste of the native recipes of the immigrants passed down over the centuries.
It is also directly opposite to Zhongshan Mall, a 58,000 square feet retail space offering multi cuisine food in contemporary settings with restaurants like Thai Express, Lil’ Papas, Pistachio Middle Eastern & Mediterranean Grill, Crystal Jade Kitchen, Gion Dining Japanese Fusion Restaurant, Toast Box, Noodle Thai Thai Kitchen, Subway, Kotobuki and Food Fair Food Court.
With the NTUC Finest Supermarket and 7-Eleven convenience store, the Zhongshan Mall is just the perfect destination to shop and dine.
Other amenities like nature therapy clinics, laundry, money changer, dental and family clinics, health and beauty spas, to mention a few, are also available at the same spot.
For more enthusiastic shoppers, there is the Orchard Road, Singapore’s premier shopping street, at a very short drive.
The Zhongshan Park close by relaxes the visitors after a long day of business and shopping.
There are quite a number of historical sites too in Balestier like the Goh Chor Tua Pek Kong Temple.
It was built in 1847 to safeguard Chinese sugar plantation workers from tigers. It attracts the local and visiting Chinese alike.
The opera stages near the temple are open several times a year for performances.
Another striking attraction in the area are the shophouses of the 1920s adorning the street, speaking volumes of the rich heritage of Singapore and of its early settlers, along with the URA’s diligence to conserve them.
Other historical buildings along the street include the national monument, Sun Yat-Sen Nanyang Memorial Hall and the former Shaw Brothers Studio.
The Ceylon Sports Club and the Civil Service Club are some recreational facilities available in the vicinity.
Thus, it is all the more evident that being in Balestier gives the enjoyment of a vibrant mix of modern conveniences and good food, all within its historical heritage setting.
This favorable position has attracted best hotels like Ramada, Ibis, Days etc. to set up their renowned establishments here.
They offer competitive services to woo business and leisure travelers alike.
At short distances, are also the Quality Hotel Marlow, Aqueen Hotel Balestier, Value Hotel Thomson etc. all of which swells with guests during the business days and holiday seasons throughout the year.
In a worldwide study conducted over a decade, the average occupancy rate of hotels in the Asia Pacific region was found to be 70.9%.
Compared to this figure, the hotels in Balestier stand tall with a whopping 85% occupancy.
Therefore, as the best tourist destination of Southeast Asia, Singapore has become the target for huge foreign investments.
All vie the top-ranking tourism and hospitality industry of the nation, especially due to the business-friendly environment prevailing here.
With millions of visitor arrivals and billions in dollars generated out of it, it sure attracts the attention of international hotels.
No wonder the famous Hyatt has opened its signature boutique, hotel Andaz in the integrated development Duo on the Ophir Rochor Corridor, which again is away from the CBD.
With many professional services offering to obtain the required licenses, and with the support of the Singapore Tourism Board (STM) and the booming tourism industry, hotel site demand has increased steadily over the past years.