Fragrance Group buys Katong Plaza for $180 mil with potential redevelopment into a new hotel

The various other real property, situated at Waterloo Road, are going to be a new 502-room resort under the Handwritten Collection brand of Accor. It is a redevelopment of the past Min Yuan Apartments which Fragrance Team got en bloc for $141 million in September 2019; and the former Waterloo Apartments, which it obtained in November 2018 for $131.1 million. Both 999-year leasehold locations were joined together, and URA approval was acquired for redevelopment into a 500-room hotel.

Real property developer Fragrance Team has gotten Katong Plaza in Marine Parade for $180 million. The purchase price translates to a land rate of $1,809 psf per plot ratio (psf ppr), featuring the land betterment fee.

“Our team believe this sale will certainly enhance confidence in the cumulative sale market as property developers still pursue appealing land parcels,” states Lian.

Previous month, Fragrance Group and Global Premium Hotels signed another contract with Accor to open up two new-build real estates with three new hotels by 2027. They are the 808-key Mövenpick Singapore on Hoe Chiang Road, which will certainly be the biggest Mövenpick lodging in the Asia Pacific place. It will additionally house Mövenpick Living Singapore, a 37-key lodging targeted at tourists seeking lengthened visits.

Katong Plaza is next to Roxy Square and the Grand Mercure Roxy Singapore. Many other hotel and resorts close-by include Holiday Inn Express Singapore Katong, an IHG Hotel and Village Hotel Katong.

Katong Plaza is a freehold commercial and residential mixed-use project located at 1 Brooke Roadway. It has 132 strata retail units and 14 residential residences. Proprietors of the retail units are going to be receiving earnings varying from $502,000 to over $6 million, while home proprietors will be acquiring between $2 million and $5.1 million, notes Terence Lian, Huttons Asia’s head of financial investment sales who agented the agreement.

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The existing advancement covers a total land area of 34,044 sq ft with a complete plot ratio of 3.0. This turns out to a maximum gross flooring area of 102,132 sq ft.

Fragrance Group might possibly redevelop Katong Square into a new lodging within one of the Accor brands. Nevertheless, Katong Plaza is located in top District 15 in the east and just 120m from the Marine Parade MRT Stop on the Thomson-East Coast Line and the Parkway Parade shopping center.

It is currently zoned for commercial and residential usage however has obtained URA authorization for resort usage. Lian estimates that the new hotel might produce around 300 and 340 rooms.

Fragrance Group and its hospitality arm, Global Premium Hotels, are regulated by billionaire real property builder and hotelier James Koh, the chairperson of both companies. Global Premium Hotels has a collection of brands, featuring the homegrown Fragrance and Parc Sovereign. In 2019, Fragrance and global hotel group Accor tied up to open up 13 new ibis Budget hotels, which were previously Fragrance-branded resorts, along with bringing in the ibis Styles and Mercure brand names.


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