SINGAPORE (EDGEPROP) - Viva Land, through its subsidiary Viva Ventures So Holdings, has entered into an agreement to acquire the entity which owns SO/Singapore Hotel for $240 million from developer Royal Group.

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The hotel is located at the junction of Robinson Road and Boon Tat Street, across the road from the Lau Pa Sat food centre.  It is a redevelopment of the former Ogilvy Centre. Royal Group was awarded the tender for the 60-year leasehold conservation site in 2011 after submitting the highest bid of $86 million. The 134-room hotel, which has about 49 years left on its lease, opened in 2014.

Viva Land’s purchase consideration for the hotel of $240 million works out to $1.8 million per key.

In a May 12 press release announcing the deal, Alfred Ong, managing director of Viva Land, says the group sees an opportunity to reposition the hotel within the accommodation space in the heart of the CBD.

Under the CBD Incentive Scheme, there is potential to rejuvenate SO/Singapore together with Robinson Point, a 21-storey office building located adjacent to the hotel which is also owned by Viva Land. “We see several possible synergies between both properties considering a potential redevelopment of Robinson Point,” Ong says. Viva Land acquired the building from Singapore-listed Tuan Sing Holdings in 2020 for $500 million.

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