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PR Newswire
22-10-2012, 01:26 PM
I'm guessing it may be related to their Oxford Hotel (134 rooms) along Queen St. See the following news for the sale of former Allson Hotel at S$850K to S$900K per room. If that's true, then Koh brothers share price will definitely go up!!
Not vested.
HOTEL GRAND PACIFIC SOLD FOR ABOUT $210M
Hotel Grand Pacific along Victoria Street (opposite Bras Basah
Complex) has been sold for around $210 million.
The price works out to around $850,000 to $900,000 per key for the
240‐room, 16‐storey freehold hotel.
The buyer is a consorƟum of Asian investors, advised by HVS Global
Hospitality Services. The consorƟum made an unsolicited offer to the
hotel's owner, Sun Asia Pacific CorporaƟon (Singapore), controlled
by Paul Sun, who was acƟve in the Singapore real estate market in
the 1980s and early 1990s. Tokyo‐born Mr Sun, who is a Singapore
ciƟzen, is now in his late 70s.
The current 16‐storey block was part of a larger two‐block hotel
asset called Allson Hotel owned by Sun Asia. In 2004, the rear block,
along Queen Street, was sold to listed Hotel Royal, which has
renamed it Hotel Royal@Queens.
The hotel is on land area of 25,295 square feet and its faciliƟes
include a ballroom, meeƟng rooms, Chinese restaurant, coffee house
and swimming pool. It was last renovated three years ago.
HVS managing director Chee Hok Yean said: "The $850,000 to
$900,000 price per room sets a benchmark for a four‐star hotel in
Singapore. This is a choice investment as the hotel sits on a freehold
tenure with comparaƟvely large‐sized rooms in the city centre with a
robust on‐going business."
At New Market Street/Merchant Road, Park Regis Singapore was
sold in 2010 for $218 million; the deal involved the 203‐room, four‐
star hotel and a seven‐storey office block with about 42,000 sq Ō net
leƩable space. At the Ɵme, the hotel component was reported to be
valued at around $730,000 per room and the site had balance lease
of over 96 years.
We believe that investors are increasingly looking to different
property asset classes for investment returns. The price per room in
Orchard area is hovering around $1.2mil and with tourism at an all‐
Ɵme high in Singapore, we can expect the above news to be posiƟve
for hotel players whom have not ‘crystalized’ through REITs such as
UOL (Unrated, $5.78), Hotel ProperƟes (Unrated, $2.73) e.t.c.
Not vested.
HOTEL GRAND PACIFIC SOLD FOR ABOUT $210M
Hotel Grand Pacific along Victoria Street (opposite Bras Basah
Complex) has been sold for around $210 million.
The price works out to around $850,000 to $900,000 per key for the
240‐room, 16‐storey freehold hotel.
The buyer is a consorƟum of Asian investors, advised by HVS Global
Hospitality Services. The consorƟum made an unsolicited offer to the
hotel's owner, Sun Asia Pacific CorporaƟon (Singapore), controlled
by Paul Sun, who was acƟve in the Singapore real estate market in
the 1980s and early 1990s. Tokyo‐born Mr Sun, who is a Singapore
ciƟzen, is now in his late 70s.
The current 16‐storey block was part of a larger two‐block hotel
asset called Allson Hotel owned by Sun Asia. In 2004, the rear block,
along Queen Street, was sold to listed Hotel Royal, which has
renamed it Hotel Royal@Queens.
The hotel is on land area of 25,295 square feet and its faciliƟes
include a ballroom, meeƟng rooms, Chinese restaurant, coffee house
and swimming pool. It was last renovated three years ago.
HVS managing director Chee Hok Yean said: "The $850,000 to
$900,000 price per room sets a benchmark for a four‐star hotel in
Singapore. This is a choice investment as the hotel sits on a freehold
tenure with comparaƟvely large‐sized rooms in the city centre with a
robust on‐going business."
At New Market Street/Merchant Road, Park Regis Singapore was
sold in 2010 for $218 million; the deal involved the 203‐room, four‐
star hotel and a seven‐storey office block with about 42,000 sq Ō net
leƩable space. At the Ɵme, the hotel component was reported to be
valued at around $730,000 per room and the site had balance lease
of over 96 years.
We believe that investors are increasingly looking to different
property asset classes for investment returns. The price per room in
Orchard area is hovering around $1.2mil and with tourism at an all‐
Ɵme high in Singapore, we can expect the above news to be posiƟve
for hotel players whom have not ‘crystalized’ through REITs such as
UOL (Unrated, $5.78), Hotel ProperƟes (Unrated, $2.73) e.t.c.
