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Homegrown property developer Oxley Holdings announced that its hotel development on Stevens Road (pictured) obtained its temporary occupation permit on 3 August.
Operating under the Mercure and Novotel brands, the hotel is expected to begin operations in Q2 2018.
In an SGX filing, the company revealed that the development, which has a combined gross development value of around $900 million, features a 518-room “Mercure” hotel and a 254-room “Novotel” hotel, a 360-seat ballroom, swimming pools, a fitness centre, meeting facilities and F&B outlets.
“We believe that Singapore’s hospitality market is expected to remain strong as the tourism sector continues to show encouraging growth. The growing tourism sector further strengthens our long-term view in investing in quality hospitality assets in Singapore and we are confident that the hotels will contribute positively to our financial performance,” said Ching Chiat Kwong, executive chairman and CEO of Oxley.
He added that the timely completion of the hotel development shows the company’s “capability in managing diversified property portfolios”.
“We will continue to build up our expertise in hotel development and management to grow our hospitality business.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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