A 32-room boutique hotel at 14 Purvis Street in Bugis has been put up for sale at an indicative price of $28.8 million. This translates to $3,345 psf or $900,000 per key.
The property sits on a site zoned for hotel use, and foreigners are eligible to purchase. There will be no additional buyer’s stamp duty or seller’s stamp duty imposed.
“It is located strategically within the bustling Purvis Street that has a high footfall and a plethora of high-end bistros and new-age cafes,” says Steven Tan, senior director of investment services at Colliers, which is marketing the property. The hotel also has a functioning kitchen with a bistro space on the first floor.
The expression of interest exercise will close on April 8 at 3pm.