Park Regis sold for SS$250m: reports

Park Regis Singapore (pictured) has been sold to a Chinese buyer for S$250 million, according to media reports.

Located along New Market Street and Merchant Road, the property comprises a 203-room hotel as well as a seven-storey office block offering around 42,000 sq ft in net lettable area (NLA).

The property was sold by Park Regis Investments, which is now controlled by Great Fortune Capital from the British Virgin Islands. Currently, the hotel is managed by Australia-based StayWell Hospitality Group.

Park Regis in 2010 was bought by the late Indonesian mining magnate Jusuf Merukh, whose family held a stake in Park Regis Investments. In 2011, the property was supposed to be sold to CTC Tourism Holdings for S$270 million but the deal was stalled.

Considering the reported selling price, the hotel rooms are likely priced between S$859,000 and S$818,000 assuming that the office space is priced at S$1,800 to S$2,000 per sq ft or S$75.6 million to S$84 million.

But if the hotel rooms are priced at around S$900,000 each, the office space would be valued at about S$1,600 per sq ft or S$67.3 million, a report added.

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg

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