Four adjoining two-and-a-half storey redeveloped shophouses located at 35 Hamilton Road are up for sale.
The 8,775-sq-ft. freehold site has a combined gross floor area of 15,489 sq ft. Its last tenancy is expiring in March 2012, according to Colliers International, the property’s marketing agent.
The site was originally zoned for “civic and community institution” use under the 2008 Master Plan, with a gross plot ratio of three. But URA has granted temporary permission for change of use to "hotel”.
The indicative price will range from $16 million to $18 million, said Grace Ng, deputy managing director (Agency and Business Services) of Colliers.
The site can accommodate a six-storey block at the back with the temporary permission for the change of use. Potential home buyers can renovate the development into a boutique hotel with a total of about 110 rooms.
The site is located at the perimeter of the Central Business District, accessible through major roads including East Coast Parkway, the Kallang-Paya Lebar Expressway and the Central Expressway.
The nearest MRT station is Lavender and public transport is readily available along Lavender Street and Horne Road.
According to Colliers, the Jalan Besar Conservation area with its distinctive heritage streetscape along Serangoon and Lavender roads is ideal for a boutique hotel that could appeal to value-conscious travellers.