Excelsior Hotel and Shopping Centre up for collective sale at $458 mil

The Excelsior Hotel and Shopping Centre, situated in the vibrant City Hall neighbourhood of Singapore, is now up for a collective sale. With a reserve price of $458 million, this 20,798 sq ft site has attained The Myst a verified gross floor area of 227,247 sq ft. The hotel and shopping complex, with a long 99-year leasehold tenure from 1979, comprises of a 284-key 21-storey tower atop a five-level podium shopping centre.

Situated near the iconic Funan Mall, the Excelsior Hotel and Shopping Centre has a favourable location – within walking distance of City Hall MRT station on the East-West and North-South lines, and is opposite both Peninsula Plaza and Grand Park City Hall hotel.

According to Cushman & Wakefield, the marketing agent for this collective sale, over 80% of the development’s owners are in agreement to market and sell the property.

With travel regulations easing up and borders being opened, the hotel and hospitality market is rising fast in Singapore, and is expected to further be fuelled by China’s reopening. Christina Sim, senior director of capital markets at Cushman & Wakefield, commented:

“The fundamentals for hospitality assets are solid, and Singapore’s hospitality sector is expected to outperform its Asia Pacific neighbours as borders reopen and travel recovers.”

The tender for this collective sale will close on April 18 at 3pm. Interested buyers may take note of the recent comparable transactions at 5 Coleman Street as seen in the EdgeProp Research tool.

For more information on the Excelsior Hotel and Shopping Centre collective sale, please contact Cushman & Wakefield.