Sino sets date for hotel income
PEGGY SITO in Singapore
Sino Land is expected to start reaping revenues from its S$340 million (about HK$1.59 billion) hotel and commercial joint-venture development in Singapore by the end of next year.
Sino is transforming a historic development, The Fullerton Building, on Singapore's waterfront, into a five-star hotel, The Grand Fullerton.
The redevelopment plan also includes a two-storey office and retail tower, One Fullerton, on reclaimed land in front of the hotel project. Sino has 80 per cent of the redevelopment with the balance owned by its Singapore associate Orchard Parade Holdings.
Both are members of the Far East Organisation group of companies run by Ng Teng Fong.
Colin Macdonald, manager of Orchard Parade Holdings, said the Fullerton was scheduled for completion in December next year and it was planned to be leased as a long-term investment.
The tower, comprising 6,000 square metres, will house 4,000 square metres of office space and 2000 sq metres of restaurant and exhibition space.
Mr Macdonald said The Grand Fullerton would contain 397 rooms due for completion in 2000.
Its soft opening is to be in the third quarter of 2000.
Far East Organisation, which is the largest private residential developer in Singapore, expects to see a pick-up in the city-state's private housing market next year.
It is considering developing a multi-hectare site in suburban Sengkang, in Singapore's north.