Singapore tycoon Koh Wee Meng acquires $100m hotel project site | The Australian: "Singaporean property tycoon Koh Wee Meng has bolstered his presence in Australia’s hotel market with a $100 million project planned in Perth.
Singapore-listed Global Premium Hotels, which Mr Koh chairs, has forked out almost $24m on a Perth development site that has approval for a tower that will cost $88m to build.
GLP operates one of Singapore’s largest hotel chains and Mr Koh has been dubbed the “Geylang King”, after his success in developing budget projects in one of the island’s seedier districts.
The moniker has not slowed Mr Koh’s emergence as one of the region’s most active developers and GLP now has 23 hotels with 1982 rooms in Singapore. Twenty-one of the hotels are operated as Fragrance hotels and two as Parc Sovereigns.
GLP has just agreed to acquire the site known as 36 St Georges Terrace and 10-14 Pier Street in Perth for $23.85m. Planning documents show it was owned by the Uniting Church in Australia Property Trust of WA but GLP will buy the site via an option deal involving another party.
A proposal has been approved to demolish the two buildings on the site to make way for a 41-level mixed-use development, including 280 residential dwellings, retail and dining tenancies and 240 parking spaces. St Andrew’s Uniting Church heritage building would be conserved.
The 2600sq m site faces the St Georges Terrace and overlooks the Supreme Court Gardens, with views towards Swan River. GLP said the property could be redeveloped into a hotel.
Mr Koh set up the Fragrance Group in the early 1990s and the Singapore-listed group is the controlling shareholder of GLP. He forged into the Australian market last year via Fragance Group which bought sites in Melbourne and Perth for major apartment towers and hotel projects.
The group is also planning to grow its Australian unit to a sufficient size that can spin its off from listed Fragrance Group into a separate company."
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