Hotel rooms that provide a good view of Singapore's first Formula One Grand Prix race in September are being snapped up, including those that cost more than S$13,000 a night. Most hotels that line the track said business is good. With six more months to go before the big event, some have already had confirmed bookings for 50 to 95 percent of the rooms. From the 26th floor of Fairmont Hotel, one gets to see...
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Hotel room rates are set to hit an all-time high when the Formula One Grand Prix comes roaring into Singapore this September. Visitors can expect to pay nearly 100 percent more, even if they are staying at a mid-range hotel. Over 90,000 die-hard fans are expected to catch Singapore's first Formula One Grand Prix from the race ground. But as the speed demons burn up the asphalt, the accommodation may...
The Urban Redevelopment Authority has released detailed sales conditions for two reserve list sites at Clemenceau Avenue/Havelock Road and Upper Changi Road North/Flora Drive. The site at Clemenceau Avenue is slated for hotel development. The parcel is close to the popular entertainment districts of Clarke Quay, Boat Quay and Robertson Walk. It has an area of about 5,500 square metres and a permissible...
With Singapore hotel rates keeping up a string of record-setting months, some may be wondering: How long can the hospitality bullrun last and at what point will the Republic's attractiveness as a destination become a casualty? Latest figures from the Singapore Tourism Board (STB) showed the Average Room Rate (ARR) in February at an all-time high of S$256. This was an astronomical year-on-year hike of...
Singapore's sovereign wealth fund has bought the Westin Tokyo hotel from Morgan Stanley and US-based Starwood Capital, the firms said Tuesday, in a deal reportedly worth about US$715 million. The 438-room hotel in Tokyo's Ebisu district will continue to be operated by Starwood Hotels and Resorts under the Westin brand, a joint statement said. The companies gave no financial terms for the purchase by GIC...
Singapore greeted 883,000 visitors in January 2008 setting a new record for visitor arrivals in that month. Not only did visitor arrival figures rise 6.9 per cent higher in January 2008 compared to January 2007, but visitors also stayed longer this time round. The top three markets were Indonesia, China and Australia. Visitor arrivals from China rose 42 per cent than in January 2007. Some 3.5 million...
A 30-storey hotel is set to be built on a reserve site at Gopeng Street/Peck Seah Street, the Urban Redevelopment Authority revealed on Thursday. The land parcel, which spans just over 2,300 square metres, is one of the two new hotel sites being released under the government land sales programme for the first half of 2008. The 99-year leasehold site can generate a maximum permissible gross floor area of...
A former primary school building has been revamped into a hotel. The 12-storey building at Pearl’s Hill used to be the tallest school in Singapore. The school closed in 2001 and the Urban Redevelopment Authority called for tenders to lease it out. Vita Holdings won the bid and spent S$13 million to transform the school into a hotel with 140 rooms. The initial budget was S$6 million but Vita Holdings...
Hotel sales in Singapore topped US$376 million last year, putting it in sixth position in transaction activity in Asia. This is a 3.5 per cent growth from 2006. According to Jones Lang LaSalle Hotels, Japan saw the highest activity last year with US$6.8 billion of deals done, a 63 per cent jump from the previous year. Jones Lang attributed the lure of Japan to the low cost of debt. It added that while...
A brand new year is just days away, and almost all hotels overlooking the Marina Bay area are fully booked. Last year, over 160,000 people ushered in 2007 as sparks lit the skies over Marina Bay. The crowds are expected to return once again this year, and thousands more are set to welcome the new year in cosier settings. Ritz Carlton Hotel said its 264 rooms overlooking the bay were booked by November,...