Far East Hospitality Trust (Far East H-Trust) announced it has entered into a joint venture agreement with Far East Organization Centre (FEOC), a unit of Far East Organization, to participate in the development of a new $443.8 million hotel project located on Sentosa.
Far East H-Trust will hold a 30.0% stake.
The development is a heritage hotel site at Artillery Avenue, Sentosa. Integrating two distinctive hotels - Outpost Hotel Sentosa and Village Hotel Sentosa, they will collectively house 850 guest rooms.
Outpost Hotel Sentosa will cater to travelers looking for a stylish upscale product, while Village Hotel Sentosa will present an experiential stay for families, leisure and meeting groups where they can have the opportunity to discover the rich cultures and heritage of the surroundings.
The hotel has a 60-year leasehold.
Far East H-Trust’s stake will be fully funded by debt and the development is expected to be completed in 2018.
Far East H-Trust closed 0.61% lower at 81.5 cents on Friday.
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