OXLEY Hotel, a freehold eight-storey boutique hotel sitting on a 3,725 sq ft plot of land in Lorong 6 Geylang, has been put up by its owner for sale by auction.
The hotel has 56 guest rooms, seven car park lots and a total gross floor area of 12,238 sq ft.
Its indicative price is S$25 million.
Under the 2008 Master Plan, the site, with a gross plot ratio of 2.8, is zoned for residential / institution use.
The auction will take place at the Amara Hotel at 2.30 pm on Nov 21.
Grace Ng, deputy managing director of Colliers International, said that the supply of hotels in the vicinity is expected to be stable in the near term, as it is unlikely that the authority will approve new sites for hotel use.
“Hence, this offer is timely for current hotel operators or investors to seize the opportunity to invest in the hospitality industry,” she said.
The property has consistently achieved a stable occupancy rate of 80 to 90 per cent, which will translate to a sustainable yield for the buyer, she said.
“The property sits in an area with a vibrant mix of retail shophouses, budget hotels and religious buildings. The area is also known to locals for good food and will appeal to budget travellers who prefer to take the off-the-beaten track in exploring Singapore,” she added.
Another property that will go on the auction block is a single-storey detached house at 18 Dalkeith Road. It is put up as an estate sale.
Located off Dunearn Road in the prime District 11 neighbourhood, the freehold property has an attic, four bedrooms and a lush garden. It sits on an elevated rectangular-shaped site of about 9,980 sq ft and has double road frontages.
Under the 2014 Master Plan, the site is zoned for “two-storey bungalows” use.
The indicative price is between S$19 million and S$21 million. The property is to be sold with vacant possession.