Singapore: The freehold of Oakwood Studios Singapore, a block of 98 units located at 18 Mount Elizabeth, has been put up for sale with a guide price of S$170 million (£105 million).
The property has been put up for sale via an Expression of Interest (EOI) exercise said sole marketing agent Edmund Tie & Company.
The property comprises 98 units of studio, one- and two-bedroom apartments and spans across a site area of approximately 18,000 square feet. On-site amenities include a fitness centre, rooftop swimming pool and communal gardens.
The site is also zoned for residential use under the Urban Redevelopment Authority (URA) Master Plan 2019.
“Serviced apartments have proven to be a resilient asset class during the Covid-19 pandemic, as it remains a preferred choice for long-stay guests seeking quality accommodation with flexibility of lease,” said Swee Shou Fern, head of investment advisory at Edmund Tie. “Fueled by elevated residential rental demand and surge in demand for travel, the performance of serviced apartments is well supported and is expected to register strong growth.”
Oakwood Studios was last refurbished in 2017. The EOI exercise will close on Oct 7 at 3pm local time.
