16-8-2018 | Space Recce
WANGZ HOTEL, the FREEHOLD distinctive barrel-shaped aluminium-clad building at the corner of Outram and Tiong Bahru roads, is being sold for S$46 million. This works out to S$1.12 million per room for the six-storey freehold boutique hotel, which opened in late 2009.
This boutique Hotel for Sale centrally located just seven minutes from both Orchard Road and the Business District in Singapore. Opened in late 2009, the hotel offers 41 exquisite style, spacious guestrooms and seamlessly intuitive service. There is a lounge in the lobby and a rooftop restaurant.
WANGZ Hotel has consistently been receiving TripAdvisor’s Certificate of Excellence Award and Travellers’ Choice Award since its opening. With a private collection of original artworks specially commissioned to reflect the nature theme of the hotel, every guestroom at Wangz features modern day amenities and state-of-the-art technology that addresses the aesthetic wishes and practical needs of the sophisticated traveller.
The 41-room Hotel for Sale is being sold by Glastech Pte Ltd to the buyer, TCRE Partners Pte Ltd which is equally owned by Tower Capital Asia founder Danny Koh and Y Developments. The sale of Wangz Hotel is expected to be completed in the early part of the fourth quarter of this year - after which Glastech will lease back the property till end-2019.
Singapore hoteliers are looking forward to increasing room rates this year on the back of tightening net new supply and buoyant visitor arrivals. Ms Chee projects revenue per available room (RevPAR) for Singapore hotels to grow by nearly 3 per cent to S$187 this year, with occupancy and average room rate expected to edge up about one percentage point to 86 per cent and about 2 per cent to S$219, respectively.
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