Hotel Plaza Ltd in which Singapore listed United Overseas Land is the major shareholder has announced the appointment of Jones Lang LaSalle Hotels as sole agent in the sale of the New Park Centra Hotel Singapore. Mr Richard Goddard, Senior Vice President of Jones Lang LaSalle Hotels comments “In an environment where more hotels are being redeveloped for residential use, this offering will be unique in the market as the only hotel in Singapore for sale as a going concern. Most experts agree that hotels are poised at the beginning of a strong recovery in revenues and profits, and we expect to receive considerable interest from both the local and international investment audience.”
It is a freehold property with 531 rooms, extensive food and beverage and function facilities, as well as 15,000 sq ft of retail space. The property has established itself in the dynamic regional and international leisure market, where occupancies are soaring, particularly as supply in this sector is now back to 1987 levels.
The reason for sale was that Hotel Plaza Ltd currently owned three hotels in Singapore and some interests in Marina Centre Hotels and the sale proceeds would go towards diversifying the Group`s interest into other markets across the region.
Commenting on price, Mr Goddard noted that the market will determine this during the process. In the 1999 Annual Report of Hotel Plaza Ltd the property was valued at $135.4 million.