Frasers Centrepoint to build 16-storey hotel at China Square Central site
POSTED: 27 Apr 2015 13:40
UPDATED: 27 Apr 2015 13:41
The hotel, with a gross floor area of 16,000 square metres, will be operated by Frasers Hospitality under the "Capri by Fraser" brand.
SINGAPORE: Property developer Frasers Centrepoint (FCL) will build a 16-storey hotel at China Square Central following an agreement that will see the developer pay Frasers Commercial Trust (FCOT) around S$44.8 million, FCOT announced on Monday (Apr 27).
The hotel, with a gross floor area of 16,000 square metres and located near Cross Street, will be operated by Frasers Hospitality under the "Capri by Fraser" brand.
“The China Square Central hotel transaction would enable FCOT to unlock and crystalise the value of the additional GFA (gross floor area) and minimise the exposure of FCOT to development risks. The hotel to be developed by FCL will raise the profile of China Square Central as an integrated development," said Mr Low Chee Wah, Chief Executive Officer of Frasers Centrepoint Asset Management (Commercial), in a news release.
"The hotel is expected to further rejuvenate and boost the value of China Square Central in the long run. These are in line with FCOT’s objective of achieving long term growth in distributions and net asset value per unit,” he added.
Separately, FCOT also said it has entered into a conditional sale and purchase agreement with Australand Property to buy a Grade A office building in the Melbourne central business district called 357 Collins Street for A$222.5 million (S$231.6 million).
- CNA/av
- wong chee tat :)
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