Topic of Interest: #Hospitality (1,420 Articles Found)

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Hotel Kai at Purvis Street on sale for $28.8 mil

A 32-room boutique hotel at 14 Purvis St in Bugis has been put up for sale at an indicative price of $28.8 million. This translates to $3,345 psf or $900,000 per key. The property sits on a site…

Asset enhancements continue to make UOL attractive to investors: analysts

UOL Group continues to be attractive for investors despite its 97% dive in net profits last year, according to analysts. OCBC Investment Research said notwithstanding the COVID-19 pandemic, UOL was able to maintain a healthy balance with a…

Waiver of licence fees for hotels, travel agents and tour guides extended to December 2021

Licence fees for hotels, travel agents and tour guides will continue to be waived through to the end of this year, as part of the Government’s efforts to nurse the recovery of the tourism sector. These fees were…

CDL records $1.78 bil impairment on Sincere Property Group; declares $1.92 bil loss for FY20

City Developments Limited (CDL) has recorded a loss of $1.917 billion for the FY2020 ended Dec from earnings of $564.6 million a year ago. The significant loss was due to the group’s decision to write down 93% of…

Property segment boosts Tuan Sing to 55% increase in FY20 earnings of $52.4 mil

For the FY2020 ended Dec, Tuan Sing saw earnings of $52.4 million, 55% higher than earnings of $33.7 million the year before. FY2020 net profit was up by 78% y-o-y to $59 million, with its property segment resilient…

UOL posts 97% plunge in FY20 earnings to $13.1 mil on fair value losses on investment properties and other losses

UOL Group has reported a 97% plunge in FY2020 earnings of $13.1 million compared to earnings of $478.8 million in the FY2019. For the period ended Dec, the lower earnings were due mainly to fair value losses on…

Far East Orchard profit crashes by 94% in 2020

Far East Orchard, the hospitality arm of property developer Far East Organization, recorded a loss of $8.9 m for the full year of 2020. This is 94% lower than the $25.8m profit recorded 2019. Singapore closed its borders…

Jail for British man, Singaporean wife who met in hotel where he was serving stay-home notice

A British man and his Singaporean wife were jailed on Fri for conspiring to breach a stay-home notice so that they could spend time together in a hotel room. Nigel Skea, 52, was sentenced to two weeks’ jail…

Singapore could allow travellers to choose stay-home notice facility: MND

The Government is studying the possibility of letting inbound travellers pick their choice of stay-home accommodation, Minister of State for PMO and MND Tan Kiat How said in Parliament on Thurs. “We understand that travellers would like to…

UIC sees 85% plunge in FY20 earnings of $90.2 mill due to lower revenue, fair value losses

UIC saw a 85% plunge in its earnings for the FY2020 ended Dec to $90.2 million, from $605.1 million a year ago. Excluding a fair value loss on investment properties amounting to $125.8 million, earnings for the full-year…

‘Too much mess with too little time’: Housekeepers struggle to clean trashed hotel rooms

With Singaporeans grounded due to travel restrictions, staycations have become a popular way for us to spend our holidays. While housekeeping staff in hotels work to keep these ‘homes away from home’ spick and span for guests, the…

Singapore readies quarantine business bubble for in-person meetings

Singapore has been testing out a “bubble” business hotel that will allow quarantined executives arriving in the country to do face-to-face meetings and even exchange documents without fear of spreading the coronavirus. The bubble has been set up…

Two adjoining sites at Still Road and Koon Seng Road for sale at $21 mil

Two sites at 97 & 99 Still Road and 137 Koon Seng Road, which are adjacent to each other, have been launched for sale. The guide price is $21 million (or around $960 psf ppr), subject to confirmation…

Roxy-Pacific posts full-year loss of $29.5 mil as revenue falls 55%

Roxy-Pacific Holdings has reported revenue of $198.4 million for FY2020 ended Dec 2020, a 55% decrease from $444 million in FY2019. The net loss attributable to equity-holders for FY2020 was $29.5 million, compared to a net profit of…

Accor to open first Mondrian hotel in 2023

Hospitality group Accor has announced its plans to open Singapore’s first Mondrian hotel in the Duxton Hill neighbourhood in early 2023. This comes on the heels of Accor’s planned venture with hospitality developer Ennismore, which will see the…

Quarantine-free ‘bubble’ facility for business travellers opens at Singapore Expo, with first guests expected in March

A facility that will house business travellers arriving in Singapore on a quarantine-free bubble plan was launched on Thurs and its first guests are expected to arrive next month. The Connect@Changi facility at the Singapore Expo Convention &…

Freehold serviced apartment in Balestier for sale at $93 mil

A freehold serviced apartment building in Balestier is on the market for $93 million, according to Showsuite Consultancy. The 15-storey building, known as 12 on Shan, was completed in 2018 and has a GFA of 68,048 sqft. The…

S-REIT report card: Here’s how Singapore REITs performed in 2020

2020 was a precarious year for property owners. Globally, travel has grinded to a halt, impacting hospitality properties. Even Retail, office and industrial properties have been affected to varying degrees, given the strict COVID-19 mgmt measures. We already…

Uphill battle for Singapore hotels despite boost from staycations in December

Hotels may have gotten a boost during the Dec break thanks to the tourism vouchers and the school holidays, but they continue to face an uphill struggle this year without intl travellers. Yet they remain cautiously hopeful, with…

Couple admits breaching stay-home notice to spend night together at 5-star hotel after long separation

After returning to Singapore from London, Nigel Skea began serving a two-week stay-home notice (SHN) at the Ritz-Carlton Millenia Singapore hotel but soon breached it to meet his then-fiancee. Agatha Maghesh Eyamalai booked another room in the upscale…

RHB positive on S-REITS, DBS picks AREIT as top S-REIT

RHB Group Research’s Loong Kok Wen and Vijay Natarajan have maintained their “overweight” call on S-REITs and a “Neutral” call on Malaysian REITs (M-REITs). In a 10 Feb note, the analysts said they prefer S-REITs over M-REITs, as…

Far East Hospitality Trust posts 30.7% lower DPS of 1.38 cents for 2H20

The manager of Far East Hospitality Trust (FEHT) reported a DPS of 1.38 cents for the 2QFY2021 ended Dec, 30.7% lower than DPS of 1.99 cents. Gross revenue for the 2HFY2020 fell 34.8% y-o-y to $39.0 million, while…

Genting Singapore suffers 90% profit loss in 2020

Genting Singapore has suffered a 90% profit loss, with only a net profit of $69.2m for FY ended 31 Dec compared with $688.6m a year before. Revenue for FY ended 31 Dec 2020 fell by 57% from $2.48b…

Business ‘bubble’ scheme put on ice

The launch of a pilot plan to bring “business, official and high-economic value travellers” into Singapore and put them in a “bubble” was pushed back, BT has learnt. Under the original plans for the Connect@Singapore initiative, the first…

‘Hold’ OUE Commercial REIT on mixed performance, divestment: Analysts

CGS-CIMB analysts Lock Mun Yee and Eing Kar Mei have maintained their “hold” call on OUE Commercial REIT (OUE C-REIT) on a mixed performance from the REIT. OUE C-REIT reported DPU of 1.43 cents for the 2HFY2020 ended…

Frasers Property reports significantly lower operating performance for hospitality portfolio, sees strong industrial and logistics leasing activity

In its business update for the 1QFY2021 ended Dec, Frasers Property Limited (FPL) has reported lower RevPAR across its hospitality properties globally. FPL’s investment properties in Singapore have remained resilient with healthy retail and commercial portfolio metrics. For…

Guocoland earnings for 1H21 drop 69% to $22.9 mil on higher tax expense and lower revenue

Guocoland Limited reported earnings of $22.9 million for the 1HFY2021 ended Dec, 69% lower than earnings of $74.5 million in 1HFY2020. Revenue for the half-year period stood 44% y-o-y lower at $319.6 million mainly due to lower progressive…

Quarantine period lengthened and I was asked to share a room

I tested positive for Covid-19 on my return to Singapore on Jan 17. My symptoms were minimal, and I was admitted to NCID for two weeks of observation. On the 13th day, when I had almost completed my…

30 to 70 hotels used as dedicated SHN facilities at any one time: Desmond Lee

At any one time, there are usually 30 to 70 hotels serving as designated facilities for people serving Stay-Home Notices (SHN), said MND Minister Desmond Lee on Tues. Flexible arrangements have been put in place, allowing for these…

Businesses in S’pore taking advantage of downtime in tourism to spruce up offerings: STB

Several businesses in the hospitality industry are using the slowdown in tourist arrivals to spruce up their attractions in preparation for a future upswing, said Singapore Tourism Board. Haw Par Villa closed its doors last year for the…

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