Commercial & Industrial Property News Update

Singapore - Hotel Grand Pacific Sold For SGD 210 million

October 24, 2012

A consortium of Asian investors has bought the four-star Hotel Grand Pacific for SGD 210 million.

A four-star, sixteen-storey hotel located in downtown Singapore has been sold to a consortium of Asian investors for SGD 210 million.

Hotel Grand Pacific, opposite Bras Basah Complex, was traded after owner Sun Asia Pacific Corporation (Singapore) accepted a voluntary offer made by the investors, who were advised by HVS Global Hospitality Services. Sun Asia is headed by Paul Sun, a businessman who was active in Singapore's property market in the 1980s and early 1990s.

The purchase price for the freehold property translates to about SGD 850,000 to SGD 900,000 per room for the 240-room hotel.

"The 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 comparatively large-sized rooms in the city centre with a robust on-going business," said Chee Hok Yean, Managing Director at HVS.

The sale agreement stated that the hotel will remain independently managed with no change in its current trading name. However, Sun Asia will cease all management duties and responsibilities upon the completion of the sale.

The buyers do not intend to redevelop the property, and will instead continue with the hotel's existing use. They will invest an additional, undisclosed sum for improvement works covering the lobby and other common areas.

Hotel Grand Pacific features facilities such as a coffee house, swimming pool, ballroom, meeting rooms and a Chinese restaurant. The property was last renovated in 2009.

Tags: Commercial real estate, Shop for rent, Income units

Related News


Retail Property News
commercial real estate
Shop for rent
Income units


Quick Links

Popular News 2012 Year of Australian Commercial Property?


Guides & Resources Commercial & Industrial Property Articles and Guides


Commercial Property in Australia Buying property in Australia