Condo
on Hotel Asia site to boast parking in each unit
May 30, 2007
Let it not be said that Singapore is behind on any of the latest property
trends.
Hotel Asia, which
will be redeveloped into a 30-storey luxury condominium, will have
private car-parking in each unit, the most recent fad in luxury high-rise
homes. The price is around $4,000 psf.
A new entrant to
the Singapore market, Hayden Properties, bought Hotel Asia from the
Ascott Group only in February for $147 million.
Ascott in turn
bought Hotel Asia in July 2005 for $108 million, including $4.3 million
for the hotel management company.
Hayden Properties
is a joint venture set up in October 2006 between Singapore-based
KOP Capital Pte Ltd (previously known as Koh Ong & Partners Management
Services) and Emirates Tarian Pte Ltd.
Hayden Properties
will also redevelop Horizon View in Cairnhill. Horizon View was acquired
through a collective sale for $113 million in October 2006. Details
are expected soon.
There is no name
yet for the Hotel Asia project, although the development could be
launched as early as the end of this year.
Hayden Properties
director Leny Suparman said that the project would be the world’s
tallest development with integral car porches. The property will have
54 condominium units and two penthouses. Units will have an average
of two car porches and additional basement car park space.
The architect for
the new development is Singapore firm Eco.id Architect and Design
Consultancy which recently won the Best Design and Architecture Award
2007 for Starwood Group’s W Retreat & Spa on Fesdu Island in the
Maldives.
Emirates Tarian
is a subsidiary investment company of the Emirates Investment Group
(EIG) which has other real estate investments including Palazzo Versace
Gold Coast, Palazzo Versace Dubai and Emirates Financial Towers.
In an interview
late last year, EIG chairman Sheikh Tariq bin Faisal Al Qassimi said
that it was at a ‘crucial stage’ of discussions to conclude an investment
here, estimated to be in the region of at least $1 billion. Sources
had said then that it could be an ultra-luxurious Versace hotel.
