Infosys co-founder's family office buys its first Singapore hotel

Singapore

NEW Cape Inn, a 76-room freehold hotel in Seng Poh Road in Tiong Bahru, is being sold for S$67 million to a unit of Nadathur Far East, a part of the Nadathur Group.

The price works out to about S$881,579 per room.

The transacted price reflects about 2 per cent gross yield on the assumption of an average room rate of S$70 per night and 85 per cent occupancy, said Jaggi Nadig, the chief executive of Nadathur Far East.

New Cape Inn is a six-storey building on a land area of 10,568 sq ft.

Its site is zoned for hotel use under the Urban Redevelopment Authority's Master Plan 2014. (In the 2008 Master Plan, the site was zoned "residential with commercial at first stor…