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

The Excelsior Hotel and Shopping Centre in Singapore’s City Hall district, located at 5 Coleman Street, is now up for collective sale. According to Cushman & Wakefield, the marketing agent for Tengah Plantation EC the property, more than 80% of the owners have approved the sale, with a reserve price of $458 million.

With a 20,798 sq ft site, the development features an impressive 21-storey tower that houses a 284-key hotel. The five-level podium shopping centre comes with a 99-year leasehold tenure from Aug 17, 1979, and has a verified gross floor area (GFA) of 227,247 sq ft or an as-built plot ratio of 10.93.

The hotel is situated near attractions such as Funan Mall, Peninsula Plaza, and Grand Park City Hall hotel, while City Hall MRT Station is just a five-minute walk away.

Christina Sim, senior director of capital markets at Cushman & Wakefield, notes that Singapore’s hospitality industry is expected to be vibrant and dynamic as international borders gradually open. She adds that the sector will be further bolstered by China’s reopening.

Recent sales at 5 Coleman Street, as shown on EdgeProp’s research tool, has been encouraging.

The tender for the Excelsior Hotel and Shopping Centre will close on April 18 at 3pm.