Property at 18 Mount Elizabeth on the market for $170 mil

Freehold, serviced apartments property located at 18, Mount Elizabeth, is up to auction via the expression of interest (EOI) exercise, with the price range in the region of $170million. It is currently operated under the name Oakwood Studios Singapore under serviced apartment brand Oakwood.

Copen Grand floor plan is around 22,020 sqm or $603 psf ppr and enjoys a max GFA of 61,659 sq m.

The property includes the 98 units, which are an assortment of studios as well as two-bedders and one-bedders. According to the marketing agent Edmund Tie & Co, the property was renovated extensively in the year 2017. The estimated price of $170 million equates up to $1.73 Million per property.

The property is situated on the site of roughly 18,000 sq feet and is designated to be used for residential purposes. It is surrounded by view over The Orchard Road skyline. It is located near numerous malls on Orchard Road. Orchard Road shopping belt and is walking distance from The Orchard MRT Station on the North-South Line.

Swee Shou Fern the head of advisory services for investment for Edmund Tie, says serviced apartments have proven to be “a robust asset category” in the wake of the epidemic that was boosted by guests staying for longer periods who are looking for accommodations with flexible leases and foreigners moving to Singapore. “As Singapore economy fully opens up and the revival of international travel, serviced apartments are still enjoying good occupancy and increased income,” she remarks.

Swee also notes that the interest of investors in the hospitality sector has increased since the international borders were reopened. She says that the proprietor of the property located at 18, Mount Elizabeth has received enquiries and unwelcome offers for the property that led to the decision to submit an EOI.

Oakwood is a subsidiary of Mapletree Investments, is being purchased from The Ascott, CapitaLand Investment’s completely-owned accommodation business. This acquisition announcement was made in July and is scheduled to be completed by the end of this quarter.

The EOI for the property is due to close on October 7 at 3 pm.