Excelsior Hotel and Shopping Centre up for collective sale at $458 mil

A collective sale of Excelsior Hotel and Shopping Centre in Singapore’s City Hall district has been set in motion, with marketing agent Cushman & Wakefield revealing an asking price of $458 million. Located at 5 Coleman Street, the 20,798 sq ft site boasts a 99-year leasehold tenure from 1979 and a verified gross floor area (GFA) of 227,247 sq ft.
The development comprises a 21-storey tower which houses a 284-key hotel and a five-level podium shopping centre. It enjoys a prime location adjacent to Funan mall and across from Peninsula Plaza and Grand Park City Hall hotel, a mere five-minute walk from City Hall MRT Station.

Senior director of capital markets at Cushman & Wakefield, Christina Sim, welcomed the collective sale, citing hospitality assets as “recovering with a vengeance” in the wake of the pandemic. She added that Singapore’s hospitality sector is likely to outperform its neighbours in Asia Pacific as borders gradually reopen and travel resumes.

With over 80% of the development’s owners having agreed to the market listing, interested parties now have until Senja Close EC April 18 at 3pm to submit their bids. Recent sales transactions of properties at 5 Coleman Street demonstrate the area’s potential, making it an appealing option for investors. As China continues to reopen, the market is expected to further bolster confidence in the whole district.