Singapore Hotels

Oxley Holdings has accepted a letter of intent (LOI) for the purchase of its Mercure and Novotel hotels along Stevens Road for S$950 million, in what market watchers call an urgent attempt by the developer to pare its debt. The Business Times understands that the buyer is Indonesian magnate Tahir. In a late announcement on Thursday, Oxley said the LOI is non-binding and subject to the parties...

Fragrance Group, controlled by James Koh Wee Meng, is planning to develop hotels along Waterloo Street and in the Tanjong Pagar area. It plans to redevelop the 999-year leasehold Waterloo Apartments, which it has just been awarded through a S$131.1 million collective sale, into a hotel. The price it is paying works out to S$2,172 per square foot per plot ratio. In addition, Fragrance has applied to the...

Private equity-owned Columbia Real Estate is offering three restored adjoining conservation shophouses for sale. The three shophouses are freehold properties located at 8, 10 and 12 Aliwal Street. They have been zoned “commercial” and have been approved for use as a boarding house with a hotel license. The shophouses occupy a prime location in the Kampong Glam precinct and are situated just 350...

Three hotels with 839 rooms in all will open on Sentosa from April next year, operator Far East Hospitality announced on Thursday (Oct 18). Two, Village Sentosa and The Outpost Hotel, will open in April 2019 while The Barracks hotel is set to open in August. The hotels, first announced last year, will target the mid-tier segment, such as families and young adults on staycation as well as business...

A Chinatown site slated for hotel use is up for grabs, with the Urban Redevelopment Authority (URA) launching the land parcel for sale by public tender from the government land sales (GLS) programme's confirmed list on Thursday. The 99-year leasehold, 5,121.4 square metre (55,130 square foot) site, at the junction of Cross Street and Club Street, has a maximum gross floor area of 24,310 sq m and could...

Wangz Hotel, the distinctive barrel-shaped aluminium-clad building at the corner of Outram and Tiong Bahru roads, is being sold for S$46 million. This works out to S$1.12 million per room for the six-storey freehold boutique 41-room hotel. It opened in late 2009. The hotel is being sold by Glastech Pte Ltd, controlled by Wang Kwang Yu, his wife Kwee Lee Chien (daughter of Pontiac Land Group founder...

RB Capital is considering sale of its Park Hotel Farrer Park, after receiving unsolicited offers since the hotel began operations just about a month ago. Kishin RK, chief executive of RB Capital, said the 300-room hotel was recently valued at about S$390 million, or S$1.3 million per room, but added: "We are not quoting a specific price but will let the market determine the true price of this upscale...

The hotel that was formerly known as Movenpick Heritage Hotel Sentosa and is being rebranded into a Le Meridien has been put on the market. Sources say the asking price is S$300 million, although two recent valuations were done at S$270 million and S$284 million. These valuations work out to S$1.41 million and S$1.49 million per room respectively. Talk in the market is that both valuations assume a...

As this year’s National Day Parade (NDP) will return to the National Stadium for the first time in 10 years, hotels in the city area have taken a hit with slower booking rates around the Aug 9 public holiday, and some of them are also charging a lower premium for rooms compared to previous years. For the past 10 years, Marina Mandarin Singapore had been able to expect full occupancy on National Day as...

The Claremont hotel along Serangoon Road, near the junction of Owen Road, has been put up for sale. The guide price for the eight-storey, freehold budget hotel is about S$90 million, or S$1 million per room. Knight Frank, which is marketing the 90-room property through an expression of interest exercise that closes on July 28, were not able to list the room sizes of the hotel at the time of...