CTC Tourism Holdings, the owner of CTC Travel, has acquired the Park Regis Singapore hotel at New Market Street / Merchant Road for around S$270 million, according to The Business Times.
The property, which has a remaining leasehold period of 95 years, comprises a 203-room hotel and an adjacent seven-storey office block, with a net lettable area (NLA) of approximately 42,000 sq ft.
Several market watchers said that considering the S$270 million price tag (assuming the offices are valued at around S$2,000 psf), the valuation for each hotel room would be S$916,000. According to the report, a lower S$1,900 psf valuation for the offices would reflect a valuation of S$937,000 per hotel room.
Sole marketing agent Colliers International signed the deal on 7 October after conducting an Expression of Interest (EOI) exercise that drew several bids from both local and overseas parties.
The report also noted that CTC Tourism Holdings will acquire the entire equity of Park Regis Investments Pte Ltd, which owns the hotel and the office tower. It added that the new owner will likely take over the existing loan on the property.
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