Tuesday, May 25, 2010

Hamilton Road shophouses for sale

FOUR adjoining two-and-a-half storey refurbished shophouses at 35 Hamilton Road are up for sale.

Marketing agent Colliers International said yesterday that the shophouses are on a freehold site of 8,775 sq ft, and have a combined gross floor area of 15,489 sq ft. They are tenanted, with the last tenancy expiring in March 2012.

Under the 2008 Master Plan, the site is zoned for 'civic and community institution' use, with a gross plot ratio of 3. But the Urban Redevelopment Authority has granted provisional permission for change of use to 'hotel'.

Grace Ng, Colliers' deputy managing director (Agency and Business Services), said that the indicative price is between $16 million and $18 million.

With provisional permission for a change of use, the site can accommodate a six-storey block at the rear. Potential buyers can transform the development into a boutique hotel with a total of about 110 rooms.

Located on the fringe of the Central Business District, the site is accessible via major roads including East Coast Parkway, the Central Expressway and the Kallang-Paya Lebar Expressway.

Public transport is readily available along Lavender Street and Horne Road, and the nearest MRT station is Lavender.

Colliers said that the site, in the Jalan Besar Conservation area with its distinctive heritage streetscape along Serangoon and Lavender roads, is suitable for a boutique hotel that could appeal to value-conscious travellers.

Source: Business Times, 25 May 2010

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