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

Katong Plaza is next to Roxy Square and the Grand Mercure Roxy Singapore. Other inns close 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 Road. It has 132 strata retail units and 14 non commercial residences. Proprietors of the retail units are going to be getting proceeds extending from $502,000 to over $6 million, whilst residential owners will certainly be acquiring in between $2 million and $5.1 million, mentions Terence Lian, Huttons Asia’s head of financial investment sales who brokered the offer.

“Our team believe this purchase will certainly boost confidence in the collective sale market as property developers remain to pursue attractive land plots,” claims Lian.

It is at the moment zoned for commercial and residential use however has gotten URA approval for hotel usage. Lian estimates that the brand-new hotel might produce of 300 and 340 rooms.

The other real property, located at Waterloo Street, will be a brand-new 502-room hotel under the Handwritten Collection brand of Accor. It is a redevelopment of the former Min Yuan Apartments that Fragrance Team obtained 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 integrated, and URA approval was acquired for redevelopment right into a 500-room hotel.

Fragrance Group might possibly redevelop Katong Square right into a new hotel following one of the Accor companies. After all, Katong Plaza is located in top District 15 in the eastern side and only 120m from the Marine Parade MRT Terminal on the Thomson-East Coast Line and the Parkway Parade mall.

Real estate developer Fragrance Group has already obtained Katong Plaza in Marine Parade for $180 million. The sale price equates to a land rate of $1,809 psf per plot ratio (psf ppr), including the land betterment fee.

Aurelle of Tampines price

Fragrance Group and its hospitality arm, Global Premium Hotels, are controlled by billionaire real estate builder and hotelier James Koh, the director of both companies. Global Premium Hotels has a portfolio of brands, including the homegrown Fragrance and Parc Sovereign. In 2019, Fragrance and international hotels and resort team Accor bound to open 13 brand-new ibis Budget hotels, which were in the past Fragrance-branded hotels, in addition to bringing in the ibis Styles and Mercure brand names.

The existing advancement covers a total acreage of 34,044 sq ft with a complete plot ratio of 3.0. This works out to a highest gross flooring space of 102,132 sq ft.

Previous month, Fragrance Team and Global Premium Hotels signed another arrangement with Accor to open two new-build real estates with 3 new lodgings by 2027. They are the 808-key Mövenpick Singapore on Hoe Chiang Street, that will be the biggest Mövenpick hotel in the Asia Pacific place. It will certainly also house Mövenpick Living Singapore, a 37-key hotels intended at tourists seeking prolonged stays.