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Khazanah-Temasek JV sells Hyatt-managed Singapore hotel for S$475M

M+S Pte. Ltd. entered into an agreement to sell the luxury hotel component of the Duo mixed-use development in Singapore's Bugis area to Hoi Hup Realty Pte. Ltd. for the S$475 million, The Business Times reported Oct. 8, citing an announcement from the vendor.

As part of the deal, the 60/40 joint venture between Malaysian sovereign wealth fund Khazanah Nasional Bhd. and Singapore state investment firm Temasek Holdings (Pte.) Ltd. will dispose of its entire shareholding in its Ophir-Rochor Hotel subsidiary, which directly holds the 342-room Andaz Singapore property.

The transaction, which is being managed by JLL and subject to customary closing conditions, will be the most expensive single-hotel sale in Singapore and the third priciest in Asia for 2019, the publication reported.

The Hyatt Hotels Corp.-managed hotel occupies the top 15 floors of the 39-story Duo Tower. It features a rooftop venue, an observation deck, a string of restaurants and bars, and premium meeting facilities.

In July, M+S also divested the office and retail components of the Duo mixed-use project to Gaw Capital Partners' consortium with Allianz Real Estate for nearly S$1.58 billion. The entire Duo development sits on a leasehold site with a 99-year term commencing July 1, 2011.

As of Oct. 8, US$1 was equivalent to S$1.38.