Bookmark & Share
The 313-room hotel residence Capri by Frasers, Changi City has been sold for S$203.4 million to a unit of Frasers Centrepoint Limited, according to media reports.
A 50:50 joint venture between Frasers Centrepoint and Ascendas Land (Singapore) has sold a hotel cum serviced apartment–which sits on a land with balance lease term of 54 years–to a price that translates to nearly S$650,000 per room.
Touted as Centrepoint’s first property under the Capri brand, the 12-storey building cost S$124 million to develop and opened in 2012. It comprises 313 studios measuring from 32 to 70 sqm and each comes with their own kitchenettes.
Experts commented that Capri by Fraser would eventually be injected into Frasers Hospitality Trust (FHT) as the property was included the future acquisition pipeline of the trust as stated in its prospectus in June 2014. Additionally, the real estate investment trust (REIT) has the right of first refusal in buying the said hybrid hotel.
Capri by Fraser is part of the mixed-use project within Changi Business Park that was jointly developed by Ascendas and Frasers Centrepoint. The partners clinched the 4.7ha site during a tender called by JTC Corporation in 2008, with their winning bid of S$150.8 million or S$119 per sq ft per plot ratio.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
Related Articles:
For sale: Four shophouses at Boat Quay