JTC sells its hospitality project in the Punggol Digital district
The sale of a 200-room hotel project, which is expected to be finished in 2024 in the Punggol Digital District.
The 60-year lease will be attached to the development currently being constructed in a brand new, huge 50-hectare campus. The development will be integrated with the business park in Singapore’s most innovative sustainable and environmentally-friendly business district, JTC announced on Monday (Apr 29).
The project is located on a 8,140 square metre site. The project is being sold with vacant possession, under the core-and shell model. The owner of the property plans and builds the base building, which includes all exterior elements. The tenants are responsible for the interior of the building prior to when it can be used as a hotel or serviced residence. hotel.
The very first PDD hospitality venture will be in Coney Island and overlook Serangoon Reservoir.
The property is marketed by JLL’s senior vice president of investment sales, Julien Naouri.
If asked about the minimum bid for the property was, Naouri said bidders can “develop their own financial analysis” and then submit an expression of interest according to the criteria.
He added that the core-and- shell model “offers an opportunity to potential investors” to personalize their property according to their requirements and branding preferences.
JTC is currently accepting offers of interest for acquisition, renovation and running of the hotel or serviced apartments. The exercise will close at 1pm on Tuesday, April 30.
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The building is expected to achieve its Temporary Occupation Permit by the fourth quarter of 2024. JTC announced in response to questions from The Business Times.
PDD will open progressively from the second quarter of 2024. The project will comprise food, retail and leisure facilities .
It will contain more than 2 million square feet of business office and park space, as well as the Singapore Institute of Technology’s new campus, and is expected to create 28,000 jobs and take around 12,000 students.
It is also in the vicinity to Tampines Regional Hub, the Seletar Aerospace Park and Tampines regional hub.
UOB is the biggest commercial investor in the district has committed S$500 million to build an area of 300,000 square feet that will house 3,000 employees in the fields of innovation, technology and other digital positions. The project is scheduled to be completed in 2026.
The addition of a tourism component into a high-tech business park is based on a concept that JTC put in place some fifteen years ago at Changi Business Park.
JTC awarded Frasers Centrepoint (Singapore), and Ascendas Land Singapore a 60-year leasehold piece of land in Changi Business Park for S$150.8M or S$119/square foot for the plot ratio. The land was intended to be used for a retail, hotel and business parks project.
In 2012, the 313-room Capri by Fraser hotel in Changi City opened. A mall named Changi City point was also built within the estate of a business park.
Frasers Property Ltd purchased the 313 rooms of the joint venture in the year 2015 for S$203.4 Million. The business park was sold to Ascendas Reit and the mall to Frasers Centrepoint Trust.
According to the reports, FCT will sell Changi City Point in 2023 for S$338 million, according to reports, to an investor from China. Chinese investor.
BT announced in January 2024 that Frasers was selling the Capri Hotel property. Joint ventures (JVs) involving entities that are part of two Hong Kong parties – Far East Consortium International, and Atelier Captial Partners are said to be conducting exclusive due diligence in relation to a potential purchase. Global investment manager from the United States TPG Angelo Gordon was also thought to be in the JV. The price of the hotel was estimated to be in the region of S$170million.
There’s at least one other hotel in Changi Business Park. Park Avenue Changi was opened in 2013 and has 171 rooms. It also offers 80 apartments that are serviced.
