Wee Hur ventures into hospitality industry

Higher yield: The Singapore skyline under the bright tropical sun. Despite acquiring a Havelock Road property with a land tenure of only 41 years, Aravest says the income profile that it ultimately underwrote was most compelling. — AP

SINGAPORE: Singapore-listed Wee Hur has taken a stake in a new fund managed by Singapore-based asset management firm Aravest that has bought the former Hotel Miramar Singapore in Havelock Road for S$160mil (US$122.8mil).

The price works out to about S$465,100 per room.