Singapore: The Andaz Hotel in the Duo Tower has been sold to a local investor, Hoi Hup.
The hotel, which opened in 2017, was developed by M+S as part of the mixed use Duo project. It is a 60-40 joint venture between Khazanah Nasional and Temasek.
M+S said that it agreed to sell all the shares of its subsidiary Ophir-Rochor Hotel, which owns Andaz Singapore, to Hoi Hup.
Overseen by JLL, the sale is subject to customary closing conditions and marks the highest total price for a standalone transaction. According to M+S, it is also the third-highest transaction in Asia this year.
Chief executive at M+S, Kemmy Tan, said: “The proposed transaction will allow us to maximise returns to our shareholders, while handing over the reins to a very established and exciting developer in Hoi Hup to take the asset forward.”
She also mentioned that the record price of $475 million reflects the hotel’s potential for growth in tandem with the evolution of the Bugis district as an extension of the existing central business district.
Chairman of Hoi Hup Realty, Wong Swee Chun, said: “We are attracted to the rarity of this high-quality luxury hotel offering, as well as its historic significance, being one of the landmark projects by M+S. We are especially excited by the strategic location of the hotel, with Andaz Singapore occupying a key node in the transformative Beach Roach and Ophir Road corridor.”
Managed by Hyatt, the Andaz is formed of the top 15 floors of the 39-storey Duo Tower. It features a rooftop venue, an observation deck, several restaurants and bars, and meeting facilities.
The other tower, Duo Residences, has 49 storeys and houses 660 units. The Duo development sits on a site with a 99-year leasehold tenure that started from July 1, 2011.
M+S will continue to own and manage Marina One in Marina Bay – 1.88 million square-feet of office space, 140,000 square-feet of retail space, and 1,042 luxury apartments.