Tag Archives: Singapore Hotels

THE Chiu family of Hong Kong that used to run the former Tang Dynasty City attraction in Jurong is poised to make a comeback on the Singapore hospitality scene.

A unit linked to the family emerged as top bidder yesterday in a state tender for a 99-year leasehold hotel site at New Bridge Road, near Outram Park MRT Station, Pearl’s Centre and Singapore General Hospital (SGH).

The top bid of about $67.7 million works out to almost $401 per sq ft (psf) of potential gross floor area.

Dennis Chiu, a director of Leedon Investments, which placed the highest bid, told BT the group hopes to develop a boutique business hotel with about 300-400 rooms.

The development cost could be in the order of $400,000 to $500,000 a room, he said. Details were still being worked out.

A spokeswoman for the group said construction costs for the hotel could be around $70-80 million.

The proposed hotel will be linked to the current exit on the site linked to Outram Park MRT Station. Continue reading →

		A 99-year lease property with 68 guest rooms, the hotel has an asking price of $20 million to $22 million. — PHOTO: COURTESY OF CREDO REAL ESTATE

A SMALL low-rise hotel in Joo Chiat Road is up for sale at an asking price of $20 million to $22 million.

Its owner, a local investment firm formed by a group of individual investors, is looking to sell now as market conditions are ripe, said Ms Yong Choon Fah, executive director of Credo Real Estate, which is marketing the property.

Joo Chiat Hotel, previously known as Astro Hotel, was put up for sale in a tender in 2004. The asking price was up to $9 million, though market watchers reportedly expected bids of only about $7 million. There were no bids. Continue reading →