RB Capital Group, the owner and developer of Park Hotel Farrer Park, has announced that the newly launched hotel will be put up for sale, owing to the interest received from multiple investors looking to access the Singapore hospitality market.
Opened in May 2017, the 20-storey hotel features 300 guestrooms and duplex lofts. The hotel is linked to 42 medical suites and is adjacent to an integrated medical facility which houses the Farrer Park Hospital. The property occupies a site in the Farrer Park area, and boasts direct connection to Farrer Park MRT station.
Park Hotel Farrer Park
The exclusive advisor of the sale, JLL Hotels & Hospitality Group’s managing director, Nihat Ercan, noted: “With the excitement of new brands coming into the market, the hotel is particularly attractive due to the vacant possession and ability of the incoming owner to brand the hotel of their choice. 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.”
RB Capital Group’s chief executive Kishin RK commented on the outlook for Singapore’s hotel industry: “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. 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 per cent 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.
