Oakwood Asia Pacific has inked a management agreement with developers OUE Limited for a new property set to open in Singapore in mid-2017.
Oakwood Premier OUE Singapore will be located in the heart of Singapore’s CBD, offering 268 serviced residences ranging from studio apartments to one- and two bedroom apartments
They will provide a range of luxury facilities and services such as private dining, a swimming pool, fitness centre, daily housekeeping as well as concierge.
This marks the second property Oakwood will be operating in Singapore, following the announcement of the upcoming Oakwood Studios Singapore last week.
Commenting on this, Dean Schreiber, managing director of Oakwood Asia Pacific, said: “Our accelerated pace of development saw us adding 26 per cent to the existing portfolio of Oakwood in 2016 alone, and we expect to continue on this blistering pace over the next few years.”
While acknowledging the highly saturated hotel landscape in Singapore, Schreiber said further expansion in Singapore is on the cards.
“We still see a strong market in Singapore that drives business and there’s always somebody that is coming into Singapore and now that we have our first and second properties, we can already see more (on the way),” he said.
When asked about the challenges in operating serviced residences, he said: “With a serviced residences licence, you can’t maximise the occupancy as guests need to occupy for a minimum of seven days, which is a challenge if we have those who want to stay for five days for example.
“If there is a way to allow us to fill in the gaps between occupancies like allowing part of our inventory for shorter stays, I believe it will help us.”
Oakwood Premier OUE Singapore will be part of the OUE Downtown, an integrated mixed-use development set to debut next year.