CBRE launches $21m sale of two adjoining freehold sites

The properties consist of a boutique hotel and a residential block.

CBRE is launching for sale two adjoining freehold sites for $21m via a tender process to be sold collectively.

The properties are the Malacca Hotel, a three-storey boutique hotel with 29 rooms located at 97 & 99 Still Road, and a two-storey residential block used as a workers’ quarters and for administrative purposes for the hotel’s operations at 137 Koon Seng Road.

Located at the junction of Still Road and Koon Seng Road, the two sites are said to enjoy high visibility. The two sites have a total site area of approximately 14,661 square feet and are to be sold as a bundle. Under URA’s Master Plan 2019, both sites were zoned for “Residential” use with a plot ratio of 1.4.

CBRE said the guide price for the combined sites is $21m, approximately $960 per square foot per plot ratio, subject to confirmation of development charges payable on combination of the two sites.