Even if the price fetched is below the end-2023 valuation, it may be worthwhile for the Reit to strike a deal for its hotel and convention centre next to Expo MRT station
PROPERTY investors seem to have become more receptive to buying Singapore hospitality and commercial properties on short-land-tenure sites over the past year. This provides an opportune exit for the owners of such properties.
In late 2023, Viva Land sold the former SO/ Singapore hotel on a site in Robinson Road with about 47.5 years’ balance lease. This was sold to a consortium that included the Tan family behind Sunray Woodcraft Construction and Mini Environment Service. Mingtiandi reported the price at around S$170 million to S$180 million.
This year, Paragon Real Estate Investment Trust (Reit) managed to sell The Rail Mall, in Upper Bukit Timah Road, on land with a balance lease of about 21 years and nine months. The Yong family behind Woh Hup Holdings picked up the single-storey strip mall for S$78.5 million.
