Singaporean development company Chip Eng Seng Corporation Ltd (CES) has purchased the Sebel Mandurah for $15 million.
Executive Chairman of CES, Raymond Chia said, “We are delighted to acquire Chip Eng Seng’s third hospitality property as part of the Group’s strategy to expand our hospitality investment portfolio."CES is one of Singapore’s leading construction and property groups with a presence in Australia, Malaysia and Vietnam. The transaction highlights CEL Australia’s expansion into the hospitality sector, marking its first hotel acquisition in Australia and following the recent purchase of the Grand Park Hotel in the Maldives.
The group also developed the Park Hotel Alexandra in Singapore. According the CES, the 442-room hotel has enjoyed strong occupancy since its opening in 2015.
CEL Australia, which has a large portfolio of residential developments in Australia, is a wholly-owned subsidiary of CES.
CBRE Hotels, in conjunction with JLL Hotels and Hospitality Group, negotiated the sale, which also included the ground floor freehold of The Peninsula Bar & Restaurant.
Operated by AccorHotels - Asia Pacific’s largest hotel operator - the 84-key hotel forms part of a larger mixed-use development, comprising three multi-level towers accommodating more than 100 luxury residential apartments with outstanding views over the canals, marina and the Indian Ocean.
CBRE’s Aaron Desange said, “Interest in the asset was reasonable and it was evident throughout the sales campaign that offshore purchasers for hotel assets in Western Australia remained buoyant, with a number of investors now considering alternate destinations to the CBD for acquisition.”