Farrer Park MRT Station is only 100 meters from this hotel while Raffles Place and Orchard Road are only 10-minute drive from this location.
There are several developments in the vicinity which include Connexion an integrated hospitality and healthcare complex, Farrer Park’s Park Hotel and City Square Mall.
Other upcoming developments close to Claremont Hotel Singapore include mixed use development Uptown @ Farrer, Centrium Square which is a 19-storey project with office space and retail stores. lyf Farrer Park Singapore’s 240-unit serviced apartments is also located close by.
Considering the expected price of S$70 million the rate would translate to S$2,300 psf or S$780,000 per room. According to JLL the demand for hotel land and freehold hotels has been increasing since last year and this property should generate good interest.
There have been several tractions in the recent months. These include Waterloo Apartments which was sold for S$131 million @ S$2,172 psf ppr and the Golden Wall Centre which sold for S$276.2 million @ S$2,331 psf ppr.
Among freehold hotels Wangz Hotel bagged S$46 million or S$1.12 million per room and the Wanderlust Hotel sold at S$37 million or S$1.28 million per room.
Senior Director for Singapore capital markets at JLL, Clemence Lee said that freehold hotels that range between S$50m to$100m are easily acquirable and they aren’t launched too often in the market and this would make Claremont Hotel attractive.
He further added that they are expecting interest from developers, hotel operators who would like to venture into a centrally-located hotel in a booming tourist destination and also from family offices and real estate funds.