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 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.