Excelsior Up For Collective Sale at $458 Million
Excelsior Hotel and Shopping Complex Up For Collective Sale at $458 Million
The Excelsior Hotel and shopping complex, located at 5 Coleman Street in Singapore’s City Hall district, is up for collective sale. Over 80% of its owners have agreed to put it up for sale with a reserve price of $458 million.
The property is situated opposite Peninsula Plaza and Grand Park City Hall, and a five-minute walk from the nearby City Hall MRT Station. It is also close to Cold Storage Funan DigitaLife Mall and Jason’s Market Place.
Excelsior is a historic downtown community on the southern shore of Lake Minnetonka that offers couples and families a unique respite from the bustle of the Twin Cities metropolitan area. Its small-town atmosphere and a recently restored steamboat offer visitors and residence a variety of activities to enjoy.
The Excelsior Hotel and shopping complex at 5 Coleman Street is up for collective sale at $458 million. The marketing agent, Champions Way Condo, says over 80% of its owners have agreed to the sale.
Located in the planning district of City Hall, the development is surrounded by key national monuments including The Capitol, St Andrew’s Cathedral, and The National Gallery. It is a five-minute walk away from City Hall MRT Station on the East-West and North-South Lines.
According to Cushman & Wakefield senior director of capital markets Christina Sim, Singapore’s hotel assets are recovering strongly post-pandemic. With travel restrictions easing and China’s reopening of its borders, Singapore’s hospitality sector is expected to outperform its Asia Pacific neighbours in the future.
Excelsior, a small town on Lake Minnetonka with an emphasis on personal entertainment and lifestyle retail, is preparing to build a four-story boutique hotel that could plug revenue shortfalls and revive a tourism economy that would ring merchants’ cash registers. But to a subset of the city, the hotel represents change that threatens its small-town charm.
Mayor Gaylord supports the hotel, saying it will help boost the city’s revenue stream and bring new visitors to a town that’s slowly returning to its roots. He argues that the city has made changes to accommodate the hotel, including modifying parking requirements and height restrictions.
But he says the city ordinances and HPC design guidelines are at odds in some ways. He’s also concerned about the hotel’s impact on the character of downtown, which has stricter design rules than other parts of the town.
The property is surrounded by national landmarks like The Capitol, St. Andrew’s Cathedral, The National Gallery and the Supreme Court. Redevelopment projects such as Keppel South Central and Newport Tower, as well as the government’s ambition to rejuvenate downtown Singapore, provide an excellent opportunity to construct a hotel or serviced apartments on the site.
Excelsior Hotel and shopping complex, located at 5 Coleman Street in City Hall, is up for collective sale with a reserve price of $458 million. Over 80% of the owners have agreed to put the property up for tender.
It is among several commercial buildings that have jumped on the collective sale bandwagon in recent months. Marketing agent PropNex says the reserve price could translate to a land rate of S$2,662 psf ppr including the estimated land betterment charge of $60.4 million.
The hotel is adjacent to Funan mall and opposite Peninsula Plaza and Grand Park City Hall hotel. It is also a five-minute walk to City Hall MRT Station on the East-West and North-South Lines.
The hotel offers a full-service spa and a fitness center. Guests can enjoy a drink at the bar or grab some food at one of the many restaurants. In addition, there are 12 meeting rooms for any kind of event.
The Excelsior Hotel and shopping complex located at 5 Coleman Street in Singapore’s City Hall district is up for collective sale as over 80% of the development’s owners have agreed to put it up for sale with a reserve price of $458 million. Marketing agency Cushman & Wakefield is handling the sale of the 99 strata-titled commercial units and a 284-key hotel atop a 21-storey tower.
The site is situated in a prime location opposite Peninsula Plaza and Grand Park City Hall and is only a few minutes walk from the nearby City Hall MRT Station which served the North-South Line. It is also close to many notable landmarks such as The Supreme Court and St. Andrew’s Cathedral.
The building was launched for sale in January with a reserve price of $216 million and is the first ever to feature two five-storey buildings on a 999-year leasehold commercial site on Hoe Chiang Road and Lim Teck Kim Road. The reserve price translates to a land rate of $2,662 per square foot per plot ratio (psf ppr) including an estimated land betterment charge of $60.4 million.