3 Freehold Conservation Shophouses @ 12, 14 And 16 Teck Lim Road Has Changed Hand
Hilltop Capital, a realty firm with links to Aw & Sons has picked up three adjacent freehold shophouses along the Teck Lim Road which is close to Keong Saik Road.
They are part of Chinatown-Bukit Pasoh Conservation Area and the three shophouses currently have Chinatown Hotel operating from their premise. The three and half storey hotel has 42 rooms in all.
The shophouses that have total of 11,200 square feet gross floor area and have bagged $31 million in the sale.
This translates to a rate of about $2,767 per square feet. After many months of negotiations, the deal finally closed on 3rd of July.
The EOI (Expression of Interest) that was launched earlier this year closed on 28th of March.
Cushman & Wakefield was the marketing agent for the sale and they banked on the vibrancy of the area with its large number of restaurants, cafes, bars and shopping places that sees large footfalls both among the locals as well as tourists.
Outram Park MRT Station is walking distance from this freehold Hotel property and the upcoming Maxwell MRT Station is also in close vicinity.
The buyer has plans to continue with the hotel business and would be investing on a new idea that would be aimed at attracting the younger customers.