BlackRock evaluating S$330m hotel purchase in Singapore CBD, Chinatown area

[SINGAPORE] BlackRock is said to be in exclusive due diligence for a potential purchase of the 304-room Capri by Fraser China Square hotel in the South Bridge Road/Cross Street area.

The pricing is about S$330 million, or about S$1.1 million per key, The Business Times understands.

The 16-storey hotel, which opened in 2019, was developed by Frasers Property group, which is the vendor. The hotel is being sold with a lease ending in February 2096, leaving a balance term of about 69.5 years.

JLL is understood to be brokering the deal.

EQT Private Capital Asia was said to have done due diligence some months ago on Capri by Fraser China Square, but left the process. EQT was looking at a price of about S$350 million.

Update on White Sands mall deal

Separately, word on the street is that local private equity firm TE Capital Partners – which BT reported in April as being in exclusive due diligence to buy Frasers Centrepoint Trust’s White Sands mall in Pasir Ris – has halted the process, and walked away from a potential deal. The price had been expected to be over S$470 million.

Meanwhile, market watchers tip YTL as a potential partner for BlackRock in the proposed acquisition of Capri by Fraser China Square.

In May 2025, the duo teamed up for the S$280 million purchase of the 299-unit Citadines Raffles Place. The seller was a joint venture among CapitaLand Integrated Commercial Trust, CapitaLand Development and Mitsubishi Estate. The property has since been rebranded Oakwood Premier Raffles Place Singapore.

Another Singapore hospitality acquisition by BlackRock in 2025 was that of the freehold Momentus Serviced Residences Novena, at 12 Shan Road. For that purchase, BlackRock partnered with Weave Living and Lian Beng Group. The price was about S$100 million.

SEE ALSO

Aravest, Wee Hur complete S$160 million purchase of former Hotel Miramar Singapore

Capri, Citadines properties in advanced sale talks as hospitality returns to investors’ radar

Frasers Centrepoint Trust in talks to sell White Sands mall for over S$470 million

The property, sold by a joint venture comprising Roxy-Pacific Holdings, Macly Capital and LWH Holdings, has been rebranded Weave Suites – Novena.

In 2024, BlackRock joined forces with Weave to buy Citadines Mount Sophia Singapore for S$148 million from CapitaLand Ascott Trust. The property has been rebranded Weave Suites – Hillside.

Frasers’ other Singapore hospitality sales

Singapore hospitality assets sold by Frasers Property in recent years include Capri by Fraser Changi City, which fetched about S$171.8 million in 2024.

The hotel was sold to a consortium comprising family office Atelier Capital Partners Singapore, TPG Angelo Gordon, Heeton Holdings and Far East Consortium International. The hotel has been rebranded Dorsett Changi City Singapore.

In the same year, Frasers Property sold Fraser Residence River Promenade (a four-storey serviced apartment development with 72 units), three conservation warehouses and 47 car park spaces at 5 Jiak Kim Street for S$140.9 million. The buyer was Tuan Sing.

Back in 2015, a Frasers Property (then known as Frasers Centrepoint) entity entered into a deal granting it a long lease with the rights to develop a hotel under the “Capri by Fraser” brand within the China Square Central complex, then owned by Frasers Commercial Trust (FCOT).

In exchange, the Frasers Property entity paid FCOT S$44.8 million. As part of the deal, the Frasers Property entity also did some renovations to China Square Central.

In early 2020, China Square Central was renamed Cross Street Exchange.

In the same year, FCOT merged with Frasers Logistics & Industrial Trust (FLT) and became a subtrust of the combined entity, Frasers Logistics & Commercial Trust (FLCT).

In 2022, FLCT, through its wholly owned subtrust FCOT, divested Cross Street Exchange’s office and retail space totalling about 392,850 square feet in net lettable area to Hong Kong-based private equity group PAG for S$810.8 million.