There are reports doing around that the buyer is a company that has close ties with Mohammed Saiful Alam who is the owner of S Alam Group, the Bangladeshi conglomerate.
The group is involved in different sectors that include cement, consumer products, steel, agro business, transportation, energy, manufacturing, real estate and shipping.
CBRE Singapore is known to have brokered this deal and this was confirmed by Executive Director of Capital Markets for CBRE Mr Galven Tan but he declined to share further details about the deal when contacted by a leading media group.
This is the third hotel acquisition for Mr Alam in Singapore. Earlier in 2014 his group had acquired Hotel Grand Chancellor located along Belilios Road in a deal amounting to S$248 million.
The hotel has seen then been re-branded to its new name Hilton Garden Inn Singapore Serangoon.
The other property already in his group’s kitty is the Holiday Inn Express Singapore Serangoon located in Jalan Besar that was acquired little over a year ago.
Mr Alam’s group has other business interests in Singapore.
In 2016 he had acquired retail space of 27,179 sq ft for S$135 million at Centrium Square.
Going by the freehold strata area the price for this deal was calculated to be around S$4,967 psf.
Under this deal the group had acquired the first two levels in the property which stands on the Serangoon Road and is in close vicinity of Mustafa Centre.