Excelsior Hotel and Shopping Centre up for collective sale at $458 mil
Excelsior Hotel and Shopping Centre located at 5 Coleman Street in Singapore’s City Hall district is up for collective sale, with over 80% of the development’s owners in agreement. The reserve price is set at $458 million and a Cushman & Wakefield marketing agent is Champions Way Condo handling the sale.
The site, with a 20,798 sq ft plot and a 99-year leasehold tenure, is zoned for hotel use and boasts a verified gross floor area (GFA) of 227,247 sq ft. The development itself consists of a 21-storey tower housing a 284-key hotel and a five-level podium shopping centre.
Christina Sim, senior director of capital markets at Cushman & Wakefield, considers hotel assets to be recovering strongly post-pandemic, suggesting that Singapore’s hospitality sector is likely to outperform the rest of Asia Pacific as travel restrictions ease. China’s reopening of its borders is expected to further drive the market.
The Excelsior Hotel and Shopping Centre is conveniently positioned opposite Peninsula Plaza and Grand Park City Hall and a five-minute walk away from City Hall MRT Station. Recent sales transactions at 5 Coleman Street also suggest promising market activity.
An attractive offering, the collective sale tender will close on April 18 at 3pm.
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