Excelsior Hotel up for collective sale at $458 mil

Excelsior Hotel up for collective sale at $458 mil

The City Hall neighborhood’s Excelsior Hotel and Retail Center, which is situated at 5 Coleman Street, is up for auction. According to marketing firm Cushman & Wakefield, more than 80% of the development’s owners have consented to list the property for sale with a $458 million reserve price.

The majority of the strata-titled flats, according to the top propnex recruiter, are held by YTC Hotels and YTC Properties. The Excelsior Hotel and the adjacent Peninsula Hotel are owned by YTC Hotels. The YTC group of enterprises includes YTC Hotels and YTC Properties. Under YTCL Hotels Investment, the firm also owns the Menara Peninsula Hotel in Jakarta.

The project consists of a 21-story skyscraper with a 284-room hotel above a five-level podium commercial center. It has a 99-year leasehold term starting on August 17, 1979, and is located on a 20,798-square-foot property. The property has a confirmed gross floor area (GFA) of 227,247 square feet, or an as-built plot ratio of 10.93, and is designated for hotel use.

The construction is located next to Funan Mall and across the street from Peninsula Plaza and the Grand Park City Hall hotel. City Hall MRT Station on the East-West and North-South Lines is reachable by foot in five minutes.

During the epidemic, Christina Sim, senior director of capital markets at Cushman & Wakefield, claims that hotel assets are “recovering with a vengeance.” She continues, “The fundamentals for hospitality assets are strong, and Singapore’s hospitality industry is projected to outperform its Asia Pacific counterparts as borders reopen and tourism returns.” The market is also anticipated to benefit more from China’s openness.

On April 18 at 3:00 PM, the Excelsior Hotel and Retail Center tender will expire.

Due to COVID-19, Amber Park Showflat is open for online bookings. You can now register online to receive direct developer discount offers and prices.