Knight Frank Singapore is pleased to launch Tristar Hotel at 1 Onan Road, a 4-storey hotel with 115 hotel rooms for sale by Expression of Interest (EOI). Knight Frank is the sole and exclusive marketing agent of the subject property.
The subject property is located in District 15 and enjoys triple frontage from Onan Road, Joo Chiat and Changi Road. The 99-year leasehold hotel offers spacious rooms ranging from 26 sq m to 41 sq m. The site has a strata area of 5,398 sq m (approx. 58,104 sq ft) and is zoned as “Hotel” under the 2014 Master Plan. Facilities include a swimming pool on the 3rd floor and a business centre located on the 1st floor.
“This presents an opportunity for hoteliers to run it as a flagship hotel as vacant possession can be granted upon sale. Investors potentially could reposition the hotel by reconfiguring the room layout to increase efficiency, subject to approval from relevant authorities. Should the investors want to seek stable income stream, the vendor is also open to a Sale & Leaseback arrangement,” said Mr Ian Loh, Executive Director & Head of Investment and Capital Markets.
Tristar Hotel is located within close proximity to Paya Lebar Central. Paya Lebar is envisaged as one of the commercial hubs to be developed outside of the city centre as part of URA’s larger decentralisation strategy in the Concept Plan, to provide alternatives for businesses and jobs closer to homes.
Upcoming developments in Paya Lebar Central include Paya Lebar Quarter, a $3.2 billion mixed-use development by Lendlease and Abu Dhabi Investment Authority. It offers three Grade-A office towers with close to one-million square feet of best-in-class office space and amenities, a standalone mid-to-mid plus retail mall with over 340,000 sq ft of shopping, dining and entertainment options and three residential towers comprising 429 apartments, positioned within a generous and lush public space.
Singapore Post Centre will boast another 269,000 sq ft of retail space in the locale. It will be the first shopping mall that offers a complete suite of eCommerce logistics solutions. Wisma Geylang Serai, an upcoming civic centre located opposite the Tristar Hotel at 1 Onan Road, is slated for completion in 2019.
Complemented by the excellent exposure and abundance of local amenities in the vicinity, the subject property is well-positioned to capitalise on the excitement happenings in the eastern corridor.
The subject property also offers great accessibility as it is close to Paya Lebar MRT station; an interchange which connects the East-West and Circle Line. By car, the property is a short ten-minute drive to Changi Airport and 15 minutes to the city centre. It is also well connected by major expressways with the Pan-Island Expressway (PIE) and the East Coast Parkway (ECP), as well as major roads like Sims Avenue, Paya Lebar Road and Changi Road.
The guide price of Tristar Hotel at 1 Onan Road is approximately $73 million to $75 million. This translates to approximately $634,000 to $652,000 per key.
“We continue to receive enquires and see strong interest for hotel opportunities in Singapore. There have not been any major hotel investment transactions in the last two years. We expect this property to attract good interest in view of the project’s relatively affordable investment size. In addition, we anticipate that there may be potential spillover effects from the commercial buzz in the Paya Lebar area,” said Mr Loh.
The EOI for Tristar Hotel at 1 Onan Road will close on 6th April 2017 (Thursday) at 3 pm.
For further information, please contact:
Mr Ian Loh, Executive Director & Head, Investment and Capital Markets, Knight Frank Singapore
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Ms Lixia Liew, Manager, Marketing & Communications, Knight Frank Singapore
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Ms Phyllis Goh, Senior Executive, Marketing & Communications, Knight Frank Singapore
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