SINGAPORE — Freehold serviced apartments Oakwood Studios at 18 Mount Elizabeth has been put up for sale at a guide price of S$170 million.
The property sits on a site area of approximately 18,000 sq ft that is zoned for “Residential” use under the Urban Redevelopment Authority (URA) Master Plan 2019, sole marketing agent Edmund Tie said in a statement on Wednesday (7 September).
Refurbished in 2017, the property comprises 98 units of studio, one- and two-bedroom apartments. This brings the guide price to approximately S$1.73 million per apartment unit.
"As Singapore's economy fully opens up and the recovery of international travel continues, serviced apartments continue to enjoy high occupancy and improved revenue," said Swee Shou Fern, head of investment advisory at Edmund Tie.
Serviced apartments come fully equipped with a bigger space as compared to hotels, so they have been quite popular amongst expatriates seeking a rental home as they relocate to Singapore, as well as longer-stay corporate and leisure travellers, Swee said.
Fuelled 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, Swee added.
The property is a short stroll to Orchard, Somerset and Newton MRT stations, and the Central Business District is a 10 minutes' drive away.
The sale, which will be conducted via an Expression of Interest exercise, will close on 7 October at 3pm.