Three Very Different Singapore Properties Just Hit The Market — And One Is A $1B En Bloc

Singapore’s commercial real estate market saw notable sales activity across three distinct asset classes this week: a hotel property, a landmark B1 industrial building, and conserved shophouses.

On Feb 24, the GoStay Hotel at 12 Lorong 12 Geylang was back on the market at a revised guide price of $110 million. The 184-room hotel was previously on sale for $120 million in 2024. The sale of the freehold property is marketed by CBRE.

Tan Boon Liat Building, the well-known 15-storey B1 industrial property along Outram Road, relaunched its collective sale tender on Feb 25 at a reduced reserve price of $1 billion. This is approximately 15% lower than its previous $1.15 billion asking price when it was listed last February. The sale of the freehold property is marketed by Cushman and Wakefield.

Meanwhile, in the shophouse segment, a pair of adjoining commercial shophouses at 277/279 South Bridge Road were launched for sale via Expression of Interest on Feb 26. The sale of the 99-year leasehold commercial properties is marketed by Savills Singapore.

Freehold GoStay Hotel listed for $110 million

The freehold hotel at 12 Lorong 12 Geylang sits on a 15,731 sq ft site, and the eight-storey property has a gross floor area (GFA) of about 43,500 sq ft. The hotel also features private parking facilities.

The average size of each of the 184 ensuite rooms is approximately 175 sq ft. The guide price of $110 million translates to about $2,528 psf on the GFA, or roughly $598,000 per key.

The guide price of less than $600,000 per key is attractive for a freehold hotel in Singapore, and makes the property a compelling acquisition for investors, says Joshua Giam, director of Capital Markets at CBRE.

In terms of redevelopment, the freehold site offers several value-enhancement angles. For example, the rear alley could potentially be activated into higher-value uses such as an outdoor lounge, pool, or gym, subject to approvals. Refurbishment of the façade, lobby, common areas, and guestrooms may also improve booking rates.

Michael Tay, deputy managing director and Head of Capital Markets, Singapore at CBRE, says that there are less than five hotels with more than 150 rooms that are operating in the Geylang area. These freehold assets are usually tightly held and are rarely available for sale.

The hotel is located in the Geylang Planning Area, which is strategically positioned between the Central Business District (CBD) and the Paya Lebar regional hub. The property also enjoys strong road connectivity via the Kallang-Paya Lebar Expressway (KPE) and Nicoll Highway.

The area is close to the Singapore Indoor Stadium and National Stadium, which further supports accommodation demand tied to concerts and major events, potentially boosting occupancy and average room rates during peak periods, says Giam.

Overall, Singapore’s hospitality property market fundamentals remain supportive, and he cites continued growth in the tourism sector and recent major transactions such as Hotel Miramar and 115 Geylang Road (Former Gay World Hotel).

“We expect renewed interest at the revised price point from family offices, high-net-worth individuals, corporates and real estate funds,” says Tay.

The Expression of Interest exercise for the sale of GoStay hotel at 12 Lorong 12 Geylang will close on March 26.

Second collective sale attempt at Tan Boon Liat Building

Meanwhile, the owners of Tan Boon Liat Building are making a second attempt at a collective sale, after an earlier tender launched in February last year. While currently zoned for B1 industrial use, the site’s value relies largely on its proposed rezoning potential.

Tan Boon Liat Building sits on a 141,048 sq ft site on Outram Road. The building is close to Havelock MRT station on the Thomson-East Coast Line.

With no other industrial buildings within a 1km radius, the Urban Redevelopment Authority (URA) has advised that the plot be rezoned to “Residential with Commercial at 1st storey”, with an increased plot ratio of 4.9, up from the existing 3.1.

URA has also proposed amalgamating three adjoining remnant state land parcels, expanding the potential site area to 175,655 sq ft. Including the additional state land and any bonus GFA entitlements, the future development could yield approximately 1.02 million sq ft of GFA, of which up to 16,146 sq ft may be allocated to first-storey commercial use.

However, redevelopment may quickly turn costly. A Land Betterment Charge (LBC) is estimated at $2,310 per square metre of GFA, and developers will be required to allocate at least 107,640 sq ft for serviced apartments with a minimum stay of three months, according to media reports.

These conditions will factor significantly into land bid calculations and eventual break-even pricing.

Compared to residential en bloc sales, industrial collective sales tend to attract a more specialised buyer pool, typically developers with strong capital or funds experienced in industrial tenancy structures and URA planning transitions.

At the revised $1 billion reserve price, the proposition is less about short-term income and more about unlocking value in a city-fringe location with established residential clusters and the broader momentum surrounding the southern corridor.

Heritage shophouses on South Bridge Road for sale

The pair of adjoining shophouses at 277/279 South Bridge Road sits within the Chinatown Conservation Area, and the two properties have a combined land area of 2,847 sq ft, with a built-up space of 8,259 sq ft.

Zoned “Commercial” under the Master Plan 2025, the properties have been refurbished and will be sold with existing tenancies. The asset is currently anchored by Gunkee, an established F&B operator.

In recent years, South Bridge Road has evolved into a lifestyle corridor bridging Chinatown and the CBD, supported by heritage F&B operators, tourism footfall, and nearby co-working and co-living operators such as The Great Room and ST Signature.

“South Bridge Road benefits from a unique dual catchment, serving both tourists visiting the Chinatown precinct and the large population of working professionals from the nearby CBD,” says Yap Hui Yee, executive director, Investment Sales & Capital Markets at Savills Singapore.

Commercial properties are not subject to additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD), and foreigners and corporate entities are eligible to purchase these types of properties.

This is an advantage that continues to underpin demand for conserved shophouses, says Yap.

Over the past year, four comparable commercial shophouse transactions were recorded in District 1, with deal sizes ranging from around $600,000 to over $20 million, reflecting continued liquidity in the segment despite broader capital market caution.

Compared to the capital-intensive Tan Boon Liat site or the operationally driven Geylang hotel, conserved shophouses typically appeal to investors seeking stable income, long-term capital preservation, and exposure to tightly held heritage assets.