Excelsior Hotel and Shopping Centre up for collective sale at $458 mil
The 44-year-old Excelsior Hotel and Shopping Centre, located at 5 Coleman Street in the City Hall district, is up for collective sale. Over 80% of the development’s owners have agreed to put the property on the market with a reserve price of $458 million, says marketing agency Cushman & Wakefield. According to sources, the bulk of the strata-titled units is owned by YTC Hotels and YTC Properties. Meanwhile, YTC Hotels owns Excelsior Hotel and the neighbouring Peninsula Hotel. YTC Hotels and YTC Properties are part of the YTC group of companies. The group also owns Menara Peninsula Hotel in Jakarta via YTCL Hotels Investment.
The development comprises a 21-storey tower housing a 284-key hotel, which sits above a five-level podium shopping centre. It is situated on a 20,798 sq ft site with a 99-year leasehold tenure from Aug 17, 1979. The site, zoned for hotel use, has a verified gross floor area (GFA) of 227,247 sq ft or an as-built plot ratio of 10.93.
Excelsior Hotel and Shopping Centre is adjacent to Funan mall and opposite Peninsula Plaza and Grand Park City Hall hotel, and is a five-minute walk to City Hall MRT Station on the East-West and North-South Lines. Christina Sim, senior director of capital markets at Cushman & Wakefield, says hotel assets are “recovering with a vengeance” following the pandemic. “The fundamentals for hospitality assets are solid, and Singapore’s hospitality sector is expected to outperform its Asia Pacific neighbours as borders reopen and travel recovers,” she adds. China’s reopening is also expected to boost the market further.
The tender will close on April 18 at 3pm.