A HERITAGE hotel in Little India has been put up for sale via expression of interest (EOI) with a guide price ranging between S$62 million and S$66 million, said joint marketing agents Savills Singapore and CBRE on Tuesday (May 31).

The 68-key Aqueen Heritage Hotel Little India is located at 22 Belilios Lane and comprises 12-adjoining 2-storey conservation shophouses with attics. The property sits on a land plot spanning 13,130 square feet (sq ft) and has an estimated total floor area of 25,540 sq ft.

There are 9 units of retail and F&B (food and beverage) space on the ground floor which occupy around 3,750 sq ft. The property is also built with 2 passenger lifts. In terms of location, the hotel is a 6-minute walk from Little India MRT Interchange Station.

Savills and CBRE said the new owner can either choose to self-manage the hotel or engage an independent operator. Given its size and scale, the new owner can also adopt multiple value-add strategies to further unlock the value of the asset, said CBRE executive director of capital markets Clemence Lee.

“For example, some ground-floor retail shops and rooms can be converted into restaurants, subject to approval from the relevant authorities. Meanwhile, the hotel rooms on the second floor can also be repositioned into serviced apartments or co-living facilities that provide longer but flexible lease terms,” he added.

Savills senior director of investment sales and capital markets Yap Hui Yee noted that boutique hotels with such a palatable investment quantum are usually tightly held.

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The asset is poised to benefit from the influx of international tourists, CBRE and Savills noted. This comes as Singapore hosts numerous upcoming large-scale events like the F1 Grand Prix, World Cities Summit 2022, One Championship and Ultimate Fighting Championship.

Foreigners and companies are eligible to purchase the properties and there will be no additional buyer stamp duty or seller’s stamp duty imposed.

The shophouse market continues to attract interest from both buyers and sellers. Another property in Pasir Panjang was put up for sale via EOI for S$7.98 million, or S$1,911 per square foot (psf) based on a total floor area of 4,176 sq ft.

The 2-storey freehold corner shophouse is located at 38 South Buona Vista Road and sits on a site spanning 2,171 sq ft, said exclusive marketing agent Knight Frank. It is tenanted to a cafe and bistro on the ground floor and a co-living space operator on the upper floor.

The EOI exercise for Aqueen Heritage Hotel Little India will close at 3 pm on Jul 7, while the EOI for 38 South Buona Vista Road will close at 3 pm on Jun 30.