Transactions - OCTOBER 9, 2019

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Andaz sale to mark largest single hotel transaction in Singapore

by Andrea Zander

M+S Pte Ltd, a Singapore-based real estate owner and developer majority-owned by Malaysia’s sovereign wealth fund Khazanah Nasional Bhd, has plans to sell Andaz Singapore hotel to local developer Hoi Cup Realty Pte Ltd for S$475 million ($344 million), the largest ever single hotel asset transaction in Singapore.

In Asia, it represents the third-highest priced transaction completed this year.

M+S is 60 percent owned by Khazanah National, with Singapore sovereign wealth fund Temasek Holdings owning the remaining 40 percent. It was set up in 2011 to develop two integrated developments, Marine One and Duo, in Singapore. The 342-room Andaz Singapore is the flagship property of Hyatt International in Southeast Asia. Located in the Bugis district near Singapore’s city center, the hotel occupies the top 15 floors of the Duo Tower.

Earlier this year, M+S Pte Ltd agreed to sell the commercial component of the development, Duo Tower and Duo Galleria, to a joint ventur

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