FCL to develop 16-storey hotel at China Square Central
By The Edge Property
/ Frasers Commercial Trust, STB, agoda.com, theedgeproperty.com |
Frasers Commercial Trust (FCOT) has entered into a conditional agreement with an entity of Frasers Centrepoint Limited (FCL) for the latter to develop a 16-storey hotel at China Square Central. As part of the agreement, FCOT will grant a long lease to FCL for a consideration of S$44.8 million. The hotel development would utilise the site’s additional gross floor area of 172,222 sq ft and operated under the “Capri by Fraser” brand. It is envisaged to rejuvenate and reposition China Square Central as an integrated development as well as inject a semi live-in population into the Central Business District.
In 2014, upscale hotels in Singapore achieved Standard Average Occupancy Rate of 87.2%, Standard Average Room Rate of $266.80 and Revenue per Available Room of $232.70.
An aerial view of the artist’s impression of the hotel
Source: Frasers Commercial Trust
Room rates for selected hotels in the vicinity of China Square Central
Source: agoda.com
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