The overall outlook for the hotel sector in the Republic this year appears positive, according to the latest report by real estate services firm Cushman & Wakefield. After a challenging year in 2014 when hotel occupancy rates fell, Cushman & Wakefield said it expects demand to recover in the short term. Geopolitical tensions in the region and a spate of aviation incidents last year dampened the...
Singapore Hotel
Investors are snapping up hotel assets in Singapore, where the average daily room rate is the highest in Asia, driven by a record number of leisure and corporate visitors. Eleven hotels valued at S$2.45 billion were sold in Singapore last year, four times the total in 2012, said property broker Savills. “We are seeing some pretty aggressive bidding just to get into Singapore,” said Mr Robert...
The government will be launching a hotel site at Havelock Road for sale by public tender in two weeks’ time. The Urban Redevelopment Authority (URA) said the site on the government's reserve list was triggered for sale after a developer had committed to bid at a price of not less than S$18 million for the site. Under the Reserve List system, a site will only be put up for tender if the developer's...
The Pines club on Stevens Road is expected to make way soon for a new 735-room hotel housed in two eight-storey blocks, as well as a couple of two-storey commercial buildings, people familiar with the matter told TODAY, following the sale of the property to “shoebox apartment king” Ching Chiat Kwong of Oxley Holdings for S$318 million. A four-storey clubhouse with a basement will replace the existing...
The number of hotel rooms in Singapore is expected is to grow by more than 20 percent to about 53,000 rooms by 2015. This is according to a research report by property consultancy Knight Frank. It says mid-tier hotels like Dorsett Regency Hotel, Ramada Singapore, and Changi Cove Hotel, will form almost half of the total future supply. With an influx of new rooms in the market over the next two years,...
The Urban Redevelopment Authority (URA) has awarded the tender for the hotel site at Jurong Town Hall Road to Tamerton Pte. Ltd. The firm submitted the highest bid of S$238.2 million, which translates to S$12,565.28 per square metre of gross floor area. Tender for the hotel site was launched on 19 September 2012 and closed on 20 November 2012. The land parcel was offered for sale on a 99-year lease term....
The tender for a hotel site at Jurong Town Hall Road has attracted 11 bids. According to the Urban Redevelopment Authority (URA), the top bid was submitted by Tamerton Pte Ltd, a subsidiary of Genting Singapore. The firm had put in a bid of S$238.2 million, which translates to S$12,565.28 per square metre of gross floor area. The other ten bids lodged range from S$204.8 million to S$128.7...
The Urban Redevelopment Authority (URA) has released the detailed sales conditions for the hotel site at East Coast Road today. The land parcel at East Coast Road is made available for application under the Reserve List of the 1st half 2012 Government Land Sales (GLS) Programme. The land parcel is prominently located at the junction of East Coast Road and Joo Chiat Road, an area lined with conserved...
KINGDOM Holding, the investment company controlled by Saudi billionaire Prince Alwaleed bin Talal, said its Fairmont Raffles Hotels International unit has sold The Swissotel Merchant Court in Singapore. Bloomberg said yesterday the 476-room hotel was sold for US$153 million ($208 million), citing an emailed statement from Kingdom, which did not name the buyer. “The sale of this hotel is in line with...
Genting International has said it is no longer in talks with the Singapore Sports Hub Consortium to build a hotel in the Singapore Sports Hub. In a statement to the Singapore Exchange (SGX), Genting said the Singapore Sports Council has decided not to have a hotel in the hub "at this point in time". Genting added that the subject matter of this announcement is not expected to have any material impact on...