Oakwood Studios Singapore serviced apartment for sale with a guide price of $170 million

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Freehold, serviced apartments property located at 18, Mount Elizabeth, is up for sale through an expression of Interest (EOI) exercise, with the price range at $170 million. It is currently operated under the name Oakwood Studios Singapore under serviced apartment brand Oakwood.

The property includes the 98 units, which are an assortment of studios as well as two-bedders as well as one-bedders. According to marketing agency Edmund Tie & Co, the property was renovated extensively in the year 2017. The estimated price of $170 million equates up to $1.73 millions per apartment.

The property is located on the site that is roughly 18,000 sq feet and is designated to be used for residential purposes. It offers unobstructed view towards The Orchard Road skyline. It is located near many malls on Orchard Road. Orchard Road shopping belt and is walking distance from The Orchard MRT Station on the North-South Line.

Swee Shou Fern the head of advisory services for investment of Edmund Tie, says serviced apartments have proven to be “a solid asset category” in the wake of the epidemic and are bolstered by the long-stay visitors who are looking for accommodations with flexible leases, as well as foreigners moving to Singapore. “As Singapore economy fully opens up and the revival of international travel, serviced apartments are still enjoying an increased occupancy rate and a higher income,” she remarks.

Swee also notes that the interest of investors in the hospitality sector has increased since the international borders were reopened. She explains that the owner of the property located at 18, Mount Elizabeth has received enquiries and unwelcome offers for the property which led to the decision to submit an EOI.

Oakwood which is a subsidiary of Mapletree Investments, is being purchased through The Ascott, CapitaLand Investment’s completely-owned hotel business division. It was first announced on July and is scheduled to be completed by the end of this quarter.

The EOI for the property will be closed on October 7 at 3pm.