RB Capital Group, owner and developer of Park Hotel Farrer Park, has put the newly launched hotel up for sale, owing to the interest received from multiple investors looking to access the Singapore hospitality market.
Opened in May 2017, the 20-story hotel has 300 guestrooms and duplex lofts. The hotel is linked to 42 medical suites and is next to an integrated medical facility with the Farrer Park Hospital. The property occupies a site in the Farrer Park area and has a direct connection to Farrer Park MRT station.
“The Park Hotel Farrer Park is the first Singapore hotel to be offered to the market since the last comparable sale of the Grand Park Orchard and Westin Singapore in 2013 and presents a rare opportunity to own a significant asset in the tightly held Singapore market,” JLL Hotels & Hospitality Group’s managing director, Nihat Ercan, the exclusive adviser of the sale, noted in a statement.
“Singapore boasts a consistently strong trading market which is poised for further growth off the back of major projects and partnerships, such as the addition of new Terminal 4 and Terminal 5, and global partnerships driven by the Singapore Tourism Board, RB Capital Group's CE Kishin RK said on the country's tourism prospects. “Singapore is enjoying its best years of tourism statistics with 16.4 million visitors recorded in 2016 and excellent market-wide average occupancy levels of 84 percent in 2016.”
Park Hotel Farrer Park is RB Capital's third Singapore hotel. The group also owns the Holiday Inn Express Clarke Quay and the soon-to-open InterContinental Singapore Robertson Quay.