Economy Singapore hotel hits the market

(The Claremont Hotel)

The Claremont Hotel in Singapore's Little India district has been put up for sale. The asking price for the eight-story, freehold budget hotel is about S$90 million (USD $66.5 million), or S$1 million per room.

Knight Frank is marketing the 90-room property through an expression of interest exercise that closes on July 28. The hotel is owned by a company that lists its sole shareholder as Parvinder Chopra, a Singapore permanent resident, according to a company search. Chopra is a U.S.-based hotelier.

"Investors could potentially reposition the hotel by reconfiguring and adding more rooms, subject to approval from the relevant authorities," said Mary Sai, executive director of investment and capital markets at Knight Frank Singapore.

In 2014, the 328-room Hotel Grand Chancellor in Belilios Road was sold at S$248 million or about S$756,100 per room. The hotel is on a site with about 92 years' balance lease at the time. The Claremont is seen as having a superior location in addition to a better land tenure. Located in District 8, the hotel is close to the Farrer Park MRT Station, and it is also near Mustafa Centre and City Square Mall.