KUALA LUMPUR: M+S Pte Ltd, the Singapore-based developer in which Khazanah Nasional Bhd has a 60% stake, has agreed to sell a five-star hotel for S$475mil, a record price for a standalone hotel in the island republic.
Temasek Holdings is the 40% partner in M+S.
M+S, in a statement today, said it is selling wholly owned Ophir-Rochor Hotel Pte Ltd to Hoi Hup Realty Pte Ltd.
Ophir-Rochor Hotel is the developer and owner of the five-star luxury property, Andaz Singapore.
“Having assessed such a strong offer, we have determined that the proposed transaction will allow us to maximize returns to our shareholders,” M+S chief executive officer Kemmy Tan said.
M+S was set up in 2011 to develop two integrated developments in central Singapore, namely, Marina One and Duo.
“M+S will continue to own and manage our assets at Marina One to the optimal level for our shareholders,” Tan said.
The Andaz Singapore is a 342-room luxury hotel that occupies the top 15 floors of the Duo Tower, located in the Bugis district near Singapore’s city center.
Wong Swee Chun, chairman of Hoi Hup Realty, said the company had been “attracted to the rarity of this high-quality luxury hotel offering as well as its historic significance.” JLL is the appointed adviser for the transaction.