Just like Katie Perry’s California girls, our property market is pretty hot. Or like Katie Perry, our property is hot.
But lets not digress from this thread. Park Regis hotel at New Market Street/Merchant Road near the Singapore River, which is said to have been sold for $218 million to Indonesian mining magnate Yusuf Merukh.
On a separate note, a 50 per cent stake each in the retail portion of Malacca Centre in the Raffles Place area and three shop units at Coronation Plaza have been sold to a single buyer (buyer’s details not disclosed to public at this moment) in a deal valuing the assets at about $40 million, and this deal involves a yield guarantee as well, which I find very interesting.
Another interesting deal involves Chow House, a six-storey freehold office block at Robinson Road, is believed to have been sold for slightly over $100 million. Chow House has redevelopment potential, and it is presumed that the buyers will have the intention of building up to reap greater returns.
A secretive deal involving a Singaporean buyer (who’s details are not revealed), has bought up Ibis Bencoolen. But according to Business Time’s sources, the 3-star hotel that opened last year has been sold for over $200million, and they claim that the buyers are a subsidiary of Singapore-based Grand Line International.