Three refurbished boutique assets in Upper Circular up for $90m sale

The site areas range from about 1,669 to 3,320 square feet.

Three refurbished boutique commercial buildings in the Upper Circular Conservation Area are up for sale via an Expression of Interest (EOI) exercise for $90m, Cushman & Wakefield and CBRE said.

The firms added the portfolio comprises 40 Carpenter Street, 38 North Canal Road, and 32 Hongkong Street, each with a fresh 99-year lease with roughly 96 years remaining. All are also zoned Commercial with a Plot Ratio of 4.2 under the 2025 Master Plan.

The site areas range from about 1,669 to 3,320 square feet, with gross floor areas of approximately 7,012, 14,322, and 7,211 sq ft respectively.

Under the Urban Redevelopment Authority's revised planning approach for the Upper Circular Road block, hotel, backpackers' hostel, and serviced apartment proposals may now be considered subject to approval.

CBRE said vendor-commissioned studies indicate the three buildings could potentially yield 450 beds if converted to backpacker or student hostel use, or be repositioned as a boutique hotel or serviced apartments with larger room configurations.

The portfolio may be acquired collectively or individually. The EOI exercise closes Tuesday, 18 August, at 3 p.m.

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