The owner of BIG hotel, located at 208 Middle Road, is looking for buyers, announced commercial real estate company Jones Lang LaSalle (JLL) on Wednesday (Sep 17). Formerly the Prime Centre commercial building, the 308-room boutique hotel first opened in May 2013 after extensive renovations. The 16-storey property includes facilities such as a multi-storey car park, three retail and food & beverage...
Singapore Hotels
There has been growing demand to convert land for use as new hotels, boarding houses and backpacker hostels. As such, the Urban Redevelopment Authority (URA) said it is tightening guidelines to ensure there is a good mix of commercial uses to meet the needs of visitors and residents. Earlier this week, the URA issued a circular to the industry, outlining new measures to curb the potential proliferation...
The Urban Redevelopment Authority (URA) will reject proposals to build new hotels, boarding houses and backpackers' hostels on sites that are not zoned for hotel use. In a circular to architects, engineers, developers, owners and tenants sent on Monday, the authority said this takes place with immediate effect. It said in recent years, it has received more applications for new hotels, boarding houses...
The Hotel Grand Chancellor in Little India has been sold to an unnamed party for S$248 million, owner Hotel Grand Central Ltd said on Monday (June 30). Hotel Grand Central said the buyer has paid a deposit of S$18.6 million for the 328-room 3-star hotel at Belilios Road, and the transaction is expected to be completed in January next year. Hotel Grand Chancellor, which opened in 2010, was valued at...
Hotels and serviced apartments are increasingly finding favour among corporate investors in Singapore, according to property consultants. Chesterton Singapore says the segment is compelling, leveraging on the growth in tourism as well as rising interest in hospitality real estate investment trusts. Mapletree Investments recently signed a deal to buy a 49-per cent stake in Oakwood Asia Pacific, with...
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...
Far East Organization has won the tender for a hotel site at Sentosa. The 60-year leasehold site at Artillery Avenue is situated on elevated ground and overlooks Palawan Beach. According to Sentosa Development Corporation, Far East will pay an upfront land premium of S$32 million. In addition, it will pay S$3.7 million annually, or 10 per cent of the total annual gross revenue, whichever is...
A sales tender for a hotel site housing the former Joo Chiat police station at East Coast Road has attracted eight bids. According to the Urban Redevelopment Authority (URA), a consortium comprising Master Contract Services and Keong Hong Construction submitted the top bid of S$352.8 million. This was around 10 per cent higher than the second highest bid of S$321.3 million put in by CEL Residential...
The Urban Redevelopment Authority (URA) has launched a hotel site at East Coast Road for sale by public tender. With a gross floor area of about 24,716 square metres, the land parcel is located at the junction of East Coast Road and Joo Chiat Road. The 99-year leasehold plot also contains the former Joo Chiat Police Station, which shall be restored as part of the future hotel development. The...
The hotel development site at Havelock Road has attracted nine valid bids at the close of tender on Tuesday. The Urban Redevelopment Authority said the top bid of S$30.09 million was submitted by I Hotel. This translates to a record land price of S$1,303 per square foot per plot ratio (psf ppr). The next three highest bids also reflect bullish sentiment with submissions ranging from S$26 million...