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Real Estate Market swift  rebound  to support Pandemic recovery for next two years

The boutique hotel that is four stories high located at 16 Carpenter Street in District 11’s most sought-after district is up for sale at $15m. The conservation property is being sold as an exercise of expression of interest and the sole agent for marketing will be OrangeTee Advisory.

The hotel’s 24 rooms are near Clarke Quay and Boat Quay and also tourist spots like Singapore’s National Gallery Singapore, the Asian Civilisations Museum, Fort Canning Park and Chinatown. It is also near Raffles Place located in Singapore’s Central Business District.

Hotel Conforto is a hotel. Hotel Conforto is located on the 2,106 square feet site and comprises a total constructed area of 6,297 square feet. Based on the 2018 Master Plan, the site has a plot-to-plot proportion that is 4.2 and is classified as a commercial property. This means that foreign buyers can purchase the property and there is no buyers stamp tax when selling the property.
The seller has been granted provisional approval for a rear extension of five stories which would raise the total area of the floor to 8,828 square feet and provide seven additional rooms. The premium for differentials required to increase the use of the land was paid for in this year.

As per Danial Arun, the senior marketing executive for investments sales for OrangeTee Advisory, the new owner is able to choose to keep the current hotel operator or be able to take over the property with empty possession and then rebrand it. “The possibility of expanding the hotel’s size to 31 rooms would appeal to buyers who are looking for an expansive boutique hotel that has an investment amount that is comparatively (palatable),” he states.

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