First Sponsor buys Dutch property for hotel development

Singapore

PROPERTY developer First Sponsor Group on Wednesday said it has signed a conditional sale and purchase agreement with Hoog Catharijne Mall of the Netherlands, a private company, to buy the third floor to ninth floor of the Poortgebouw Hoog Catharijne. This is a leasehold property located at the Catharijne Esplanade 13 in Utrecht, the Netherlands. Connected to the Utrecht central station, it is a newly-built shell building with a total lettable floor area of about 11,604 sq m. First Sponsor plans to develop the space into two hotels. The purchase price for the acquisition is about 26.38 million euros (S$40.89 million).

Of the two hotels, one will be under the Hampton by Hilton brand or a brand of similar standing, and the other under the Crowne Plaza brand or a brand of similar standing. They will yield about 192 rooms and 128 rooms respectively.