International Business & Economy A unit of Malaysia's Khazanah sells Andaz Singapore hotel

A unit of Malaysia’s Khazanah sells Andaz Singapore hotel

Andaz Singapore is a five-star luxury hotel by Hyatt which opened its doors in 2017. It has 342-rooms that occupies the top 15 floors of the Duo Tower, located in the Bugis district near Singapore’s city center




- Advertisement -

Malaysia’s Khazanah Nasional Bhd, which has a 60% stake in Singapore-based M+5 Pte Ltd, is on a selling spree.

In a statement yesterday, M+5 said it has agreed to sell a five-star hotel for S$475 million, which observers say is a record price for a standalone hotel in the island republic.

M+S Pte Ltd, is a 60:40 joint venture between Khazanah Nasional Bhd and Temasek Holdings Pte Ltd.

M+S said it is selling the 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.

- Advertisement -

Andaz Singapore — a five-star luxury hotel by Hyatt opened its doors in 2017 and is the first Andaz hotel in Southeast Asia.

“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 in the statement.

“M+S will continue to own and manage our assets at Marina One to the optimal level for our shareholders,” Tan said.

Wong Swee Chun, chairman of Hoi Hup Realty, said the company had been “attracted to the rarity of this high-quality luxury hotel offering and its historic significance.

M+S was set up in 2011 to develop two integrated developments in central Singapore, namely, Marina One and Duo.

The Andaz Singapore is a 342-room hotel that occupies the top 15 floors of the Duo Tower, located in the Bugis district near Singapore’s city center.

The Malaysian sovereign wealth fund in July sold the office and retail portion of its Singaporean property investment the Duo project, for RM4.7 billion. Khazanah is the majority holder of the asset via its 60%-owned joint venture company, M+S Pte Ltd.

The opposition in Malaysia criticised the Pakatan Harapan government of Prime Minister Tun Dr Mahathir Mohamad of selling Khazanah’s assets for losses and for turning the sovereign fund into a political tool.

They accuse the government of failing to turn the economy around, pushing Khazanah on a selling spree to dispose of non-critical assets.

Dr Mahathir Mohamad, who is also Khazanah chairman, said the government stands to benefit from the sovereign wealth fund selling off its stakes and assets which do not form part of its core businesses.

He also said the fund had strayed outside its core businesses and invested in too many things under the Najib Razak regime. -/TISG

Send in your scoop to 

- Advertisement -

Josephine Teo: From May 1, Dependant’s Pass holders will need work pass for employment

Singapore — Manpower Minister Josephine Teo announced on Wednesday (March 3) tighter new rules for foreigners on Dependant’s Passes (DP) who want to work in Singapore. From May 1 of this year, they will need to obtain their own work passes, such...

😊 – Rest of the word = Smiley and happy: 😊 – Singapore= Symbol of anarchy

  I just saw a news clip in the Today newspaper, which said that Mr Louise Ng, the Member of Parliament (MP) for Nee Soon Group Representation Constituency (GRC), was being investigated by the police for holding up a “smiley face”, encouraging...

Actor seen on Mediacorp’s Vasantham accused by budding artiste of wanting to sleep with him after “private show”

Update as of Mar 4:   In response to TISG’s queries, Selva said: “There have been troubling allegations surfacing recently. I simply wish to say, I did not send any inappropriate message via Facebook. I believe my account was hacked before this incident, which...

Send in your scoop to