Several mid-sized property deals closed

A few mid-sized real estate investment sales transactions have been closed recently.

Formerly called Royal Peacock Hotel, The Saff Hotel at Keong Saik Road has been sold to the Hind Group for slightly below S$42.1 million, according to The Business Times.

The Hind Group also owns Naumi Hotel, a luxury boutique hotel at Seah Street, behind Raffles Hotel.

In a separate deal, Silverpeak Real Estate Partners has reportedly sold 182 Clemenceau Avenue, a six-storey office block near Singapore Shopping Centre, through a private treaty deal handled by Jones Lang LaSalle (JLL).

According to sources, the buyer is a consortium of Asia-based private investors and the transaction values the property at around S$74 million, or approximately S$1,600 psf on its net lettable area (NLA).

Located near Dhoby Ghaut MRT Station, 182 Clemenceau Avenue sits on a site with a remaining lease term of around 80 years.

Meanwhile, Park Regis Singapore at New Market Street / Merchant Road, is again up for sale. It was sold in 2010 for S$218 million.

The four-star, 203-room hotel and its adjacent seven-storey office block (with around 42,000 sq ft NLA) have a price expectation close to S$300 million.

The property sits on a land parcel with a remaining lease term of around 95 years. Colliers International has been commissioned to handle an Expression of Interest (EOI) exercise which will close by the end of September 2011.

Source : PropertyGuru – 6 Sep 2011

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