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Singapore boutique hotels tap buoyant market to offload

Published Wed, Jan 20, 2021 · 04:42 PM

BOUTIQUE hotel owners are perking up at active property buying in Singapore, as a pandemic crushed the tourism sector but not the will of the well-heeled in scooping up assets.

A few such boutique properties have been put on the market in the last six months, with owners vying for attention from funds and family offices circling for deals to ride their projected tourism recovery in two years or so.

The latest to go to market is the Aqueen Heritage Hotel at 51 Joo Chiat Road with an indicative price of S$55 million, marketing agent Cushman & Wakefield announced on Wednesday. This translates to about S$2,400 per square foot (psf) on the gross floor area (GFA), or about S$786,000 per key.

Located in the Joo Chiat conservation area, the boutique hotel is zoned "commercial" with a gross plot ratio of 3.0, according to the Urban Redevelopment Authority's Master Pl…