mr funny
17-05-07, 04:41
Hotel Royal plans expansion with purchase of 7,700 sq ft site
Posted: 16 May 2007 2004 hrs
SINGAPORE: Hotel Royal is planning to buy seven of eight units at Star Mansions on Surrey Road.
It will pay S$14.1 million for the seven apartments, which are next to its hotel building.
This works out to $739 per square foot per plot ratio.
The remaining unit in Star Mansions was bought by a substantial shareholder of Hotel Royal.
This is because Hotel Royal is deemed to be a foreign company under the Residential Property Act.
As such, it is only allowed to buy up to seven units in the development.
Star Mansions is a freehold nine-storey residential development with a land area of over 7,700 square feet.
It has an allowable plot ratio of 2.8 and a maximum height of 36 storeys.
Hotel Royal says the deal was carried out with a view to its future expansion plan.
It plans to finance the acquisition through internal resources and bank borrowings. - CNA/yy
Posted: 16 May 2007 2004 hrs
SINGAPORE: Hotel Royal is planning to buy seven of eight units at Star Mansions on Surrey Road.
It will pay S$14.1 million for the seven apartments, which are next to its hotel building.
This works out to $739 per square foot per plot ratio.
The remaining unit in Star Mansions was bought by a substantial shareholder of Hotel Royal.
This is because Hotel Royal is deemed to be a foreign company under the Residential Property Act.
As such, it is only allowed to buy up to seven units in the development.
Star Mansions is a freehold nine-storey residential development with a land area of over 7,700 square feet.
It has an allowable plot ratio of 2.8 and a maximum height of 36 storeys.
Hotel Royal says the deal was carried out with a view to its future expansion plan.
It plans to finance the acquisition through internal resources and bank borrowings. - CNA/yy