2013-07-23

A Brand New Freehold Hotel Development

International property consultant, Colliers International has been appointed the sole marketing agent to carry out the sale of BIG Hotel by Expression of Interest. Located at 200 Middle Road, the sale is subject to the retention of the existing brand name and hotel operator for a period of time.    

Interested buyers are invited to submit their offer to Colliers International by 3pm on 6 August 2013.

BIG Hotel is a newly-opened 16-storey hotel, which sits on a freehold site of approximately 20,162 sq ft. The development has 308 rooms, 3 retail shops and 40 car parking lots, occupying a total gross floor area of 94,657 sq ft.

The hotel adopts a modern design concept, which appeals to the new-age travelers. It is located within the Bugis area - at the junction of Bencoolen Street and Middle Road and is within walking distance to the Bugis MRT station and Dhoby Ghaut MRT Interchange station.

Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services at Colliers International, says, “There have been numerous enquiries on the sale of this hotel development and several offers were put forth to the owner. Hence, an Expression of Interest exercise is conducted to obtain the best offer for the owner.” 

Mr Terence Tang (鄧文傑), Managing Director of Asia Capital Markets and Investment Services says, “This is an appointment whereby the owner recognises the advantage of Colliers’ new integrated regional structure where he can leverage our seamless regional marketing network to maximise the exposure of his property to a wide group of investors in the region. We will be marketing this property across Asia - specifically in China, Hong Kong, Japan and Korea.”     

Mr Tang continues, “The freehold tenure has made this property a very attractive investment opportunity for both hotel operators and investors. In addition, Singapore’s strong tourism fundamentals and the government‘s efforts to promote tourism growth will continue to lend support to the healthy visitor arrival and boost the ARR and revenue per available room. We are still seeing keen interest from regional investors for this sector in Singapore.”

“BIG Hotel has consistently achieved a high occupancy rate of 93-95 per cent since it commenced operation 2 months ago and this would translate to a strong cash flow and sustainable yield for the potential buyer,” adds Ms Tang.