SINGAPORE: The BIG Hotel at Middle Road has been sold to a Hong Kong-based real estate investment group for S$203 million, property services firm JLL said on Wednesday (Nov 18).
Originally an office building, the 308-room BIG hotel was converted by ERC Unicampus, and it opened in 2013. Facilities include a restaurant, bar, gym, car park and convenience store. JLL advised ERC Unicampus on the sale.
The new owner of the property is Gaw Capital Partners, which purchased the InterContinental Hong Kong for US$938 million (S$1.33 billion) earlier this year.
Mr Anthony Barr, regional director of JLL Capital Markets Singapore, said: “Singapore’s appeal as an investment destination remains strong with its stable political landscape and strong economic fundamentals. For this reason, we are seeing an increasing demand for Singapore properties from investors around the region, particularly those in Hong Kong.”