The Only Site that can Turn into “Hotel Use” and Hotel Business is a Hot thing in Singapore Commercial World
It’s a great investment site, if developers find the price ok, Waterloo will made Headlines
The collective sale market in Singapore has another new entrant with Waterloo Apartments joining the bandwagon.
The property located at 64 Waterloo Street is interestingly the first property launching for en bloc which has outline plan permission to be used as a hotel.
Cushman & Wakefield has been hired as the marketing agents for this sale informed this to the press on (Sep 19) Wednesday.
Waterloo Apartments has a 999-year leasehold tenure and has been launched at reserve price of S$115 million. It has 14,369 square feet land area and this translates to land price of S$1,906 psf ppr.
It has been categorized for Residential cum 1st Storey Commercial use as per the 2014 Master Plan with 2.8 Plot Ratio.
Development charge isn’t payable for this site as it already falls in a category for high development baseline of 77,156 sq ft.
The outline plan permission that the property holds permits the existing 30 apartment units in the property to be changed into Hotel with an increased 4.2 plot ratio and GFA ceiling of 60,348 sq ft.
This would create opportunity for this site to yield around 180 hotel rooms for the potential developer considering average size of 215 sq ft or 20 sq m for the developer.
However, planning approval would be required for such a project.
The site is attractively located in the close vicinity of Bras Basah, Bugis Art Cultural Precinct as well as the Civic District.
Bras Basah MRT Station and Bencoolen MRT Station is a short walk from the site and Dhoby Ghaut MRT Interchange is only a single stoppage from this location.
This location would definitely serve as a huge attraction for business travellers as well as tourists who can easily access and Raffles Place Central Business District, Fort Canning and Marina Bay Sands
Cushman & Wakefield’s Director of Capital Markets, Christina Sim said that Waterloo Apartments is an attractive proposition for a developer as it would allow them to build a boutique hotel with the business district and city’s rich heritage within short distance.
This at a time when tourist inflow to the country grew by 6.2% to 17.4 million in 2017 a record high as stated by Singapore Tourism Board.
Even tourists’ spending increased to S$26.8 million. From January to July 2018 there was 7.4% increase in tourist arrivals which grew to 10.9 million.
According to Ms Sim noted Singapore holds its places as one of the most preferred destinations for MICE (meetings, incentives, conferences and exhibitions) apart from being preferred even for government-to-government summits and globe trotters.
With hotels enjoying 85% occupancy rates, it is a great time to invest in hotel business.
Waterloo Apartments’ tender shall close on 23rd October at 3:00 PM.