A NEW hotel to be operated by Frasers Hospitality has been proposed for the China Square Central site in Singapore.
According to local broadsheet The Straits Times, Frasers Commercial Trust (FCOT) struck a conditional deal for the hotel, which will be operated under the Capri by Fraser brand and located at the current site of Fountain Square.
FCOT will send a circular to unit-holders on the proposed transaction next month and convene an extraordinary general meeting to obtain unit-holder approval.
The hotel will be developed by Frasers Hospitality China Square Trustee, which will pay FCOT S$44.8 million (US$33.7 million) upon entering the building agreement, set for this October at the latest.
Construction of the hotel, which will have a gross floor area of 16,000m2, should take another three to four years. FCOT will grant a long lease of the hotel to the trustee when the hotel and commercial works are completed, reported The Straits Times.
Development of the hotel will affect retail tenants in the basement. However, this retail space will be relocated to the first floor to give it better visibility.
