184-room Geylang hotel for sale at S$120m

The Yaju Hotel is just 1 of 5 hotels in Geylang with more than 150 rooms.

The Yaju Hotel in 12 Lorong 12 Geylang is for sale at a guide price of S$120m.

The 184-room, 8-storey corner hotel sits at a 12,993 sqft site and has a gross floor area (GFA) of 43,500 sqft. This translates to a price of S$2,758 per square foot, and approximately $650,000 a key, according to CBRE, the sale’s exclusive marketing agent.

The property features a private parking facility. All rooms have ensuite bathrooms and come with large windows. It is a short distance from the National Stadium, Suntec City & Convention Centre, and Paya Lebar Quarter.

By car, the property is conveniently connected to other parts of Singapore via expressways such as the Kallang Paya Lebar Expressway (KPE) and Nicoll Highway, CBRE noted.

It is also the only one of five hotels that are bigger than 150 rooms in Geylang, and it is an asset class that is tightly held and is rarely available, according to Michael Tay, head of capital markets, CBRE.

“This opportunity will appeal to a wide range of buyers such as family offices, high net-worth individuals, corporates, and boutique real estate funds,” Tay noted.

Foreigners and corporates are eligible to purchase and there will not be any Additional Buyer’s Stamp Duty and Seller’s Stamp Duty imposed.  

Overall, Tay expects demand for hotel properties to remain strong, partly as the recovery of Singapore’s tourism sector is expected to continue. 

“The number of international events such as concerts and conventions have led to an increase in the number of leisure and business travelers into Singapore. In the longer term, hotel owners and operators are projecting an exponential increase in traveler count with the completion of Changi Airport Terminal 5 in 2030,” Tay said.

The sale will be conducted through an Expression of Interest exercise, which closes on Wednesday, 27 March 2024, at 3PM.