CBRE is inviting expressions of interest for The Porcelain Hotel, an 84-key boutique hotel in the heart of Singapore’s bustling Chinatown area.

Enjoying a lengthy road frontage of some 40 meters along Mosque Street, the venue sits on a 99-year leasehold site of 6,033 square feet and is zoned for Commercial use.  

With an estimated gross floor area of 23,041 square feet spread across four storeys, the property features rooms sized between 8 and 29 square meters on a regular layout.

At a glance:

• The Porcelain Hotel at 48, 49 and 50 Mosque Street, Singapore is for sale through CBRE's Clemence Lee and Teo Junrong.
• The venue sits on a 99-year leasehold site of 6,033 square feet and is zoned for Commercial use.
• The EOI will close on 16 December 2020 at 3pm.

There is also a spa outlet occupying some 2,500 square feet on Level 1.  

The guide price for the property is S$68.8 million, translating to approximately S$820,000 per key or S$2,986 per square foot on the gross floor area.

Interested buyers have the option of acquiring the subject property either with vacant possession or on a sale-and-leaseback arrangement.  

Selling agent and Senior Director of Capital Markets at CBRE Singapore, Clemence Lee said the hotel was presented to the market earlier in the year but was withdrawn as a result of the unfolding pandemic, adding the climate had since improved.

“While we received multiple offers for the previous EOI exercise of Porcelain Hotel at 46,47,48,49 and 50 Mosque Street that closed in March this year, the owner recognized the COVID situation was intensifying, resulting in higher levels of uncertainty ahead, and decided to withdraw the property from the market," he said. 

"In the past few months, with shophouse assets, particularly those located in the CBD, garnering strong interest from boutique real estate funds, family offices and high net worth individuals.

“Against this background, coupled with the favourable low interest rate environment as well as the improvement and stability of the current COVID  situation, we feel that it is now an opportune time to relaunch The Porcelain Hotel at 48-50 Mosque Street.

"For 46-47 Mosque Street, the owner’s plan is to convert  the two shophouses into a high-end fusion Japanese restaurant serving hotpot  and yakitori.”  

CBRE Associate Director for Hotels and Capital Markets, Teo Junrong, said although there was a wide variety of accommodation options in Chinatown, a gap still existed for a boutique lifestyle brand that could cater to the aspiring new travellers willing to pay a  premium for the product and location.

"With a well-thought-out concept,  renovation and repositioning plan, The Porcelain Hotel can fill this gap and  capture the targeted segment," he said.

Singapore has put the necessary and appropriate processes and systems in place to safely welcome back leisure and business visitors alike.

This is demonstrated via the progressive steps to open up the economy, with the Hong Kong travel bubble as well as the multiple schemes with countries including Australia, Malaysia and China. 

"Singapore’s well-managed supply of hotel rooms – estimated to be less than 2 per cent annually for the next few years – will also be a positive factor to a sustained recovery.

“Confidence is key to a market’s recovery." 

The EOI will close on 16 December 2020 at 3pm. 

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