Singapore
TWO Singapore hospitality assets - one along Orange Grove Road and the other in Outram Road - have been flipped for handsome gains after holding periods of just under a year.
The Outram Road deal, involving the distinctive barrel-shaped Wangz Hotel, yielded a gross gain of about 30 per cent or S$14 million over a period of just three months.
Over in District 10, the resale of Darby Park Executive Suites was even more substantial, raking in a difference of S$67 million for the seller. While the holding period was longer at about 10 months, the gain was a sharp 72 per cent. During the 10 months, the site on Orange Grove Road was rezoned from residential to hotel use.
Market watchers attribute...