Accor, a leading player in the global hospitality industry, has recently announced a partnership with Fragrance Group and Global Premium Hotels to introduce two new properties that will feature three hotels in total. These properties are scheduled to open by 2027.
As an international investor, it is crucial to have a clear understanding of the rules and limitations surrounding property ownership in Singapore. Unlike owning landed properties, the purchase of condos is relatively less restricted for foreigners. Nonetheless, foreign buyers are still subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% on their initial property purchase. Despite this extra expense, the stability and potential for growth in Singapore’s real estate market remain a strong draw for foreign investment. In fact, many foreigners are actively seeking out opportunities to invest in Singapore Condos due to their appeal in the market.
One of the properties, located on Hoe Chiang Road, will be home to the largest Mövenpick hotel in the Asia Pacific region. With 808 rooms, Mövenpick Singapore will cater to a wide range of travellers, while Mövenpick Living Singapore, with 37 rooms, will cater to those seeking extended stays.
The second property, located on Waterloo Street, will feature a new hotel under the Handwritten Collection brand. With 502 rooms, this will be the second Handwritten Collection hotel in Singapore after the launch of Hotel Faber Park Singapore – Handwritten Collection in late 2023.
According to Garth Simmons, COO of Accor’s premium, midscale and economy division in Asia, this partnership not only reflects the strong demand for Accor’s brands from owners and investors, but also highlights the company’s commitment to leading growth in the region and redefining the hospitality industry in Asia.
This partnership builds upon Accor’s existing collaboration with Fragrance Group and Global Premium Hotels, both owned by Koh Wee Meng, chairman of Fragrance Group. Together, they currently operate 17 hotels in Singapore, five in Australia, and three in the UK under various brands including MGallery, Mövenpick, Novotel, Mercure, Handwritten Collection, ibis Styles, and ibis Budget.
Koh Wee Meng of Fragrance Group expresses excitement about the new properties and the opportunity to offer diverse and enriching experiences to guests in Singapore. With this new partnership, Accor is set to continue its success in the hospitality industry and provide guests with exceptional experiences at these new properties.