Latest news with #Expo
Business Times
an hour ago
- Business
- Business Times
Hotel Miramar Singapore close to sealing sale at under S$200 million
[SINGAPORE] A deal is said to be in advanced stages of negotiations for a sale of Hotel Miramar Singapore at 401 Havelock Road, near the Singapore River. The pricing for the 344-room hotel, on a site with a balance leasehold tenure of about 41.5 years, is expected to be below S$200 million. The hotel has significant value-add potential, including an opportunity to tap some 100,000 square feet (sq ft) of unutilised gross floor area (GFA), and repositioning the asset to a more upscale product. The Business Times understands that the prospective buyer is Aravest, a carve-out of the private funds business of ARA Asset Management unveiled last year. Aravest is owned by Japan's Sumitomo Mitsui Finance and Leasing (SMFL) Company units SMFL Mirai Partners (Singapore) and Kenedix. Industry players said Aravest will be teaming up with co-investors for the Hotel Miramar acquisition in Singapore. Aravest is expected to appoint an international hotel chain to manage and rebrand the property. Hotel Miramar Singapore is owned and operated by an eponymous company set up in 1968; its biggest shareholder is a company named Lim Tjhun Seng, which is controlled by two low-profile individuals with the surname Lim. Other shareholders of Hotel Miramar (Singapore) Limited include a few families from Singapore and Indonesia. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Savills Singapore executive director of investment sales and capital markets Yap Hui Yee marketed the hotel via a private expression of interest exercise which closed in March. According to industry players, a drawback of the property is that the authorities have turned down a request to top up the site's lease to 99 years. The 16-storey Hotel Miramar is on a 100,528 sq ft site; this is one of three hotel sites along the stretch of Havelock Road sold by the state about 57 years ago on 99-year leasehold tenures starting from February 1968. On the other two neighbouring plots stand Copthorne King's Hotel and Furama Riverfront Singapore (formerly known as Novotel Apollo and Apollo Hotel). The Urban Redevelopment Authority has retained the hotel zoning for the three sites under the Draft Master Plan 2025 unveiled last month. Also left untouched is the 3.5 plot ratio – which refers to the ratio of maximum GFA to site area – for the trio of sites. Industry observers said the authorities probably prefer to maintain flexibility on future plans for the stretch. Private-sector hotel deals on sites with short balance land tenures are not unheard of in Singapore in recent years; typically, buyers would be looking for an attractive yield and/or value-adding opportunities. Last year, Frasers Property sold the 313-room Capri by Fraser Changi City, near the Expo interchange MRT station, for S$171.8 million to a consortium comprising family office Atelier Capital Partners Singapore, TPG Angelo Gordon, Heeton Holdings and Far East Consortium International. The hotel, which has been rebranded Dorsett Changi City Singapore, is part of an integrated project on a site with a balance term of about 45 years at the time. The new owners have begun asset enhancement works to create additional hotel rooms by subdividing some rooms, while still maintaining some of the larger rooms popular with staycationers. Some underutilised space in public areas including the lobby will be converted into revenue-generating space such as restaurants. In late 2023, Viva Land – linked to convicted Vietnamese businesswoman Truong My Lan – sold the former SO/Singapore hotel on a site at 35 Robinson Road with about 47.5 years' balance lease. The property was bought by a consortium that included the Tan family behind Sunray Woodcraft Construction and Mini Environment Service. Mingtiandi reported the price at around S$170 million to S$180 million. Hotel Miramar's guest rooms have an average room size of 26 square metres (about 280 sq ft); the rooms are on levels five to 16 in two towers. The hotel rooms are above a four-storey commercial podium which includes the hotel lobby as well as office and food and beverage/retail units for lease. Behind the commercial podium and two towers is a four-storey carpark block with nearly 200 car parking spaces. The carpark is connected to the hotel towers. The incoming owner is expected to embark on asset enhancement works such as upgrading existing rooms. There is potential to increase the room inventory by tapping around 100,000 sq ft of unutilised GFA to build a new hotel wing – which could be located where the multi-storey carpark is – subject to approvals by the relevant authorities. Another way to increase the room count would be to subdivide some of the existing rooms in the two towers. An industry player said there is scope to uplift the ambience of the hotel by injecting more greenery and having a biophilic design. Appointing an international hotel management chain to rebrand and operate the hotel should improve operational efficiency and revenues. In March last year, ESR Group announced the sale of ARA Asset Management's private funds business in Australia, Singapore, South Korea and the US to the two SMFL units. The consideration was based at an enterprise value of US$270 million. The divestment came two years after ESR completed its buyout of Singapore-based ARA Asset Management, co-founded by Singaporean John Lim and backed by Hong Kong billionaire Li Ka-shing. Additional reporting by Chong Xin Wei
CNA
2 hours ago
- Entertainment
- CNA
Filipino pop group SB19 to perform in Singapore this August
Filipino pop group SB19 will be holding a one-night concert on Aug 24 at the Arena @ Expo. The upcoming show is part of the band's Simula at Wakas world tour, which now heads to Southeast Asia following their sold-out US tour. Tickets are priced from S$98 to S$348 and are available via Sistic. The quintet, made up of Pablo, Josh, Stell, Ken and Justin, first performed in Singapore in November 2022 as part of their Where You At tour at The Coliseum, Hard Rock Hotel in Resorts World Sentosa. View this post on Instagram A post shared by SB19 Official (@officialsb19) Since debuting in 2018, SB19 has become one of the most awarded P-pop (Pinoy pop) acts in history and a driving force in Asian music. They have been credited with putting P-pop on the map – making history as the first Southeast Asian act nominated at the Billboard Music Awards. Known for hits like Gento, Maps and Dam, the group has earned top honours including Artist of the Year at the 2024 Philippine's Myx Music Awards, Asia's Boy Group of the Year at the 2025 Music Rank Asian Choice Awards in Japan and wins at the Philippine's Wish 107.5 Music Awards. In 2025, they became the first Filipino group to perform at the Hito Music Awards in Taiwan. Their 2025 concert promises an unforgettable night of high-energy music, synchronised choreography and the signature charisma that has won over fans worldwide.
CTV News
14 hours ago
- Entertainment
- CTV News
Sask Expo Regina dissolving permanently, organizers say
WATCH: Comic book and entertainment fans in Regina are sure to be disappointed, as Sask. Expo Regina will be dissolving permanently. WATCH: Comic book and entertainment fans in Regina are sure to be disappointed, as Sask. Expo Regina will be dissolving permanently. After years of providing a venue for comic book and pop culture fans in the Queen City, Sask Expo Regina is now shuttering its operations permanently. 'We're very sad to have to announce that Sask Expo Regina is dissolving,' the organization announced in a post to social media on Monday. 'We have had every intention of holding a 2025 event, but could not make it happen, despite pursuing multiple avenues to keep it going.' In the post, the organization identified lower attendance since the COVID-19 pandemic and venue issues as reasons for the decision to call it quits. Organizers thanked those who supported the event through the years – and shared that it's their hope that any similar events in the future have the 'full support of the city and the venue.' During its 2023 show, the expo boasted 180 artists and vendors including cosplay guests. The event attracted some notable celebrities, such as Judith Hoag (Teenage Mutant Ninja Turtles, Halloweentown), Khary Payton (The Walking Dead, Teen Titans), Nolan North (Uncharted video game), Amy Jo Johnson (Power Rangers), Ross Marquand (The Walking Dead, Marvel's Avengers), Roger Clark (Red Dead Redemption II), and Ryan Hurst (Sons of Anarchy, The Walking Dead). Regina expo Sask Expo Regina will be taking place this weekend at the International Trade Centre (ITC). (Photo courtesy of Sask Expo Regina's Facebook page) The event's 2024 edition, which was set run from Sept 28 and 29th, was postponed to 2025 following health concerns from one of the organizers. The abrupt cancellation led to complaints from some vendors who requested reimbursement. Organizers defended the decision, saying that all fees were rolled over to the expo's next show. The post did not elaborate on if vendors will be reimbursed their fees, seeing as the event is no more. Those with questions are encouraged to email @
a day ago
- Politics
Mayor denies wrongdoing in a corruption probe into Milan's building boom
MILAN -- MILAN (AP) — Milan Mayor Giuseppe Sala on Monday said he would not step down in the face of a sweeping probe into the city's massive urban development over the last two decades, saying, 'My hands are clean.' The city's top urban development official, however, resigned while denying wrongdoing. Milan prosecutors last week announced a widespread investigation into the real estate boom that has seen skyscrapers transform the city's skyline and entire neighborhoods rebuilt, including the construction of an Olympic village for the 2026 Milan-Cortina Winter Games. The investigation targets more than 70 people, including Sala, as prosecutors allege corruption that made Italy's financial and fashion capital 'a commodity to be plundered.'' The probe alleges that developers bribed officials to speed building permits and win approval for projects. Prosecutors are seeking the arrest of six people, including Giancarlo Tancredi, an architect who has been the city's top urban development official since 2021. Tancredi announced his resignation to focus on his defense but denied any wrongdoing. 'My conscience is clear,'' he said. Sala, a member of the center-left Democratic Party who is serving his second term as mayor, denied any wrongdoing during an address to the city council, saying, 'All I have done is in the interest of the city.'' Sala pledged to continue in his mandate, which expires at the end of 2026, and underlined the necessity of continuing projects that are in the works, including determining the future of Milan's San Siro stadium, home to soccer clubs AC Milan and Inter Milan. The teams want the city to jointly buy the stadium so they can tear it down and build a new one. The investigation has led to calls by the center-right majority that governs from Rome for Sala to step down. But he has received the support of Lombardy's regional governor, Attilio Fontana, a prominent center-right politician, while Premier Giorgia Meloni urged caution, saying an investigation should not automatically lead to resignation. Milan's extraordinary development around the 2015 Expo and now the Olympics has sent real estate prices skyrocketing. Many say ordinary workers have been priced out in gentrification. 'Do we need to do more to make Milan more fair, healthy and balanced? By definition, we must always do more,'' Sala said.
The Hill
a day ago
- Politics
- The Hill
Mayor denies wrongdoing in a corruption probe into Milan's building boom
MILAN (AP) — Milan Mayor Giuseppe Sala on Monday said he would not step down in the face of a sweeping probe into the city's massive urban development over the last two decades, saying, 'My hands are clean.' The city's top urban development official, however, resigned while denying wrongdoing. Milan prosecutors last week announced a widespread investigation into the real estate boom that has seen skyscrapers transform the city's skyline and entire neighborhoods rebuilt, including the construction of an Olympic village for the 2026 Milan-Cortina Winter Games. The investigation targets more than 70 people, including Sala, as prosecutors allege corruption that made Italy's financial and fashion capital 'a commodity to be plundered.'' The probe alleges that developers bribed officials to speed building permits and win approval for projects. Prosecutors are seeking the arrest of six people, including Giancarlo Tancredi, an architect who has been the city's top urban development official since 2021. Tancredi announced his resignation to focus on his defense but denied any wrongdoing. 'My conscience is clear,'' he said. Sala, a member of the center-left Democratic Party who is serving his second term as mayor, denied any wrongdoing during an address to the city council, saying, 'All I have done is in the interest of the city.'' Sala pledged to continue in his mandate, which expires at the end of 2026, and underlined the necessity of continuing projects that are in the works, including determining the future of Milan's San Siro stadium, home to soccer clubs AC Milan and Inter Milan. The teams want the city to jointly buy the stadium so they can tear it down and build a new one. The investigation has led to calls by the center-right majority that governs from Rome for Sala to step down. But he has received the support of Lombardy's regional governor, Attilio Fontana, a prominent center-right politician, while Premier Giorgia Meloni urged caution, saying an investigation should not automatically lead to resignation. Milan's extraordinary development around the 2015 Expo and now the Olympics has sent real estate prices skyrocketing. Many say ordinary workers have been priced out in gentrification. 'Do we need to do more to make Milan more fair, healthy and balanced? By definition, we must always do more,'' Sala said.
