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The 308-room BIG Hotel in Singapore has been sold to Hong Kong-based investor Gaw Capital Partners for S$203 million, JLL Hotels & Hospitality Group announced Wednesday (18 November).
The sale marks the private equity firm’s first hotel acquisition in Singapore, and its second hotel purchase for 2015. In September, the firm purchased InterContinental Hong Kong for US$938 million (S$1.3 billion)—the largest single hotel transaction in Asia Pacific. JLL was the exclusive advisor for both sales.
Located in central Singapore and originally an office building, the 94,657 sq ft development was converted by Singapore-based owner, ERC Unicampus, into a boutique hotel which opened in 2013. BIG hotel features a restaurant, bar, gym, car park and convenience store. According to JLL, the property sits on a freehold land parcel.
Commenting on the acquisition, JLL Capital Markets Singapore Regional Director Anthony Barr, said: “Singapore’s appeal as an investment destination remains strong with its stable political landscape and strong economic fundamentals.
“For this reason, we are seeing an increasing demand for Singapore properties from investors around the region – particularly those in Hong Kong,” he added.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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