Freehold 46-room Sims Avenue hotel hits market at $29.9m

Asset at 56 Sims Avenue priced at about $650,000 per room under EOI exercise closing May 20.

A freehold 4-storey hotel with attic comprising 46 rooms at 56 Sims Avenue in Kallang has been launched for sale at $29.9m, according to joint exclusive marketing agents Cushman & Wakefield and CBRE.

The property sits on a land area of about 3,172 square feet (sq ft) with a gross floor area of around 10,620 sq ft, according to a joint press statement, and is currently under a master lease arrangement, which provides rental income to the incoming purchaser upon completion.

The hotel is located on a corner site along Sims Avenue with approximately 12 metres of frontage with visibility along the main road.

The asset is within the Kallang/Geylang precinct and is connected to major roads including the Ayer Rajah Expressway (AYE) and Central Expressway (CTE), and is accessible via nearby public transport nodes.

Cushman & Wakefield said the property is offered at a guide price of $29.9m, or about $650,000 per room.

CBRE said the expression of interest exercise will close on 20 May at 3 p.m.