Public Tender Closing for Fortuna Hotel Extended to 12 January 2021
Extension allows buyers more time to assess site which has received overwhelming interest
Singapore, 3 December 2020 – CBRE is pleased to announce that the closing of the public tender exercise for Fortuna Hotel, a 106-key hotel at 2 Owen Road, has been extended to 12 January 2021, 3pm. The subject property, of which CBRE is the exclusive marketing agent, was launched for sale on 29 October via public tender with an initial closing date on 10 December 2020.
Mr Clemence Lee (利伟强), Senior Director of Capital Markets at CBRE, says, “The extension follows feedback from interested buyers that they need more time to study the site and to conduct due diligence prior to putting in a binding bid for the property. Since the launch, CBRE has fielded more than 80 enquiries and conducted over 20 site inspections with a myriad of buyers including hotel operators, co-working operators, funds, family offices and high net worth individuals.”
“The overwhelming market interest for the subject property could be due to many strong attributes including a coveted freehold tenure, a palatable investment quantum of below S$100 million for over 100 keys, a MRT station right next door and the possibility to increase room count or to convert to co-living space or a serviced apartment,” adds Mr Lee.
The guide price for Fortuna Hotel is S$98.8 million. This works out to approximately S$932,000 per key or S$2,060 per square foot on the current gross floor area.
Located at a prominent junction along Owen Road and Serangoon Road, Fortuna Hotel occupies a freehold site of 8,332 square feet. Based on the Master Plan 2019, the site is zoned “Hotel” with a gross plot ratio of 3.0. Spanning seven storeys with an estimated gross floor area of 47,990 square feet, Fortuna Hotel offers 106 rooms with sizes ranging from 17-49 square meters.
The subject property is conveniently located next to Farrer Park MRT Station and is connected to the rest of the island via Pan Island Expressway, Central Expressway and East Coast Parkway. Orchard Road and Raffles Place are a short 10-minute drive away, while Changi Airport is a 20-minute drive away. Nearby landmarks include Connexion and Uptown @ Farrer.
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