Foreign Property News | Posted by Si Thu Aung
Singapore’s Golden Wall Centre has been sold for S$276.2 million ($200.8 million) to the owner of one of the city’s budget hotel chains, according to an announcement on Monday by Edmund Tie & Company, which advised on the transaction.
A subsidiary of Worldwide Hotels Group, which owns Singapore’s Hotel 81 chain and five other hotel brands, won the rights to the 36-year-old office and retail complex in the city’s Little India neighbourhood via a collective sale by the owners.
Worldwide Hotels’s winning bid came in at about six percent above the tender’s reserve price of S$260 million, which works out to approximately S$2,331 per square foot of built space, under the currently approved plot ratio for the 2,251.9 square meter (24,239 square foot) commercial site.
The acquisition may be one of the biggest buys yet by Worldwide Hotels boss Choo Chong Ngen, who built a fortune estimated by Forbes at $2 billion, starting from a set of “love hotels’ in eastern Singapore’s Geylang red light district.
Choo’s hotel portfolio now includes six hotel brands, 38 hotels and over 6,500 rooms, with Hotel 81 being the company’s best known brand.
Ref: Property Report
