Serviced apartment development in Singapore hits the market for US$167m

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A 22-storey freehold service-apartment development in Singapore’s sought-after District 9 area has hit the market with price expectations of about S$230m (US$166.7m).

The vendor is reportedly the Oversea-Chinese Banking Corporation (OCBC), according to an earlier report from the Business Times. 

2 Mount Elizabeth Link (image: Cushman & Wakefield)

The 2 Mount Elizabeth Link property, which is being listed by Cushman & Wakefield, comprises 72 units and a total gross floor area of about 104,375 sq.ft.

The building sits on a 35,385 sq.ft. land plot and offers a plot ratio of 2.95, exceeding Urban Redevelopment Authority’s (URA) Master Plan 2014 designated plot ratio of 2.8.

The property is within walking distance of the Orchard Road shopping belt, as well as the Orchard and Somerset MRT stations. 

“Buyers have the option to either redevelop the plum site into a brand new luxury residential development to take advantage of the improved high-end residential market or retain its existing service apartment use to continue catering to the rising demand from tourist and business travellers,” said Shaun Poh, executive director of capital markets at Cushman & Wakefield.

2 Mount Elizabeth Link (image: Cushman & Wakefield)

“In addition, with its close proximity to Mount Elizabeth Hospital, one of the most established medical hubs in Singapore, the Property is well-positioned to capture the demand from medical tourism.”

The asset is located near sought-after schools, including the Anglo-Chinese School and Chatsworth International School, and is a short drive to the CBD via arterial roads. 

It is currently let to and operated by Fraser Residence Singapore, a subsidiary of Frasers Hospitality.