With 2 Singapore hotels in the bag, Hoi Hup aims for local portfolio

Singapore

THE price tag was almost half a billion dollars - a new record - but Hoi Hup Realty did not dither when offered the Andaz Singapore hotel in the Rochor area.

"My chairman, Wong Swee Chun, went to see the place and really liked the hotel, so the deal went through quite quickly," said Hoi Hup general manager Koon Wai Leong.

The proposed S$475 million consideration for the 342-room luxury hotel works out to S$1.39 million per key. This is the highest total price ever achieved for a standalone hotel transaction in Singapore, and the third highest in Asia this year.

Mr Koon explained that Andaz was the right kind of product that Hoi Hup was looking for. "In general, hotels in Singapore for sale don't come by often, let alone one that is a five-star hotel…