Chip Eng Seng sell Mandurah hotel, buy Maldives resort
Chip Eng Seng – which is being taken over by Singaporean billionaires Celine and Gordon Tang – has sold Mandurah’s Sebel hotel after five years.
The seven storey property, with 84 suites and a two level restaurant, has been picked up by Perth based Acure Asset Management for $18 million, or $214,286 per key.
The seller paid Amcor Asia Pacific $15m ($178,571 per key) with a leaseback.
CBRE’s Aaron Desange and Ryan McGinnity were the agents; their result is 18 per cent over the November, 2022, valuation.
The deal comes 15 months since ASX-listed co-work outfit WOTSO Property paid $2m – sight unseen – for the ex-Australian Sailing Museum, later used as a convention centre, about a hundred metres away.
Sebel Mandurah
The Sebel occupies a 6717 square metre site at 1 Marco Polo Drive, opposite Mandjar Bay.
Accor manages the hotel, which also contains three function rooms, a conference space, pool and gym.
The accommodation is rated 4.5 star.
A third party runs the eatery, Peninsula Bar & Restaurant – or The Pen.
Mandurah is 65 kilometres south of Perth, on the way to Margaret River (story continues below).
The asset is the latest waterside investment for Acure, coming six months since it outlaid $21.2m for an office, the Emerald Lakes Town Centre, in Carrara, six kilometres west of Surfers Paradise.
Maldives buy
Chip Eng Seng will use proceeds to buy the 30pc it didn’t control of a five-star Maldives resort, The Lagoon (also known as Samarafushi Lagoon) on the North Malé Atoll, from its joint venture partner, Tropical Developments Pte affiliate Amin Construction.
It is paying $1.46m in cash and will assume full responsibility for the $3m debt.
The buyer said by controlling the lot, management can be more efficient.
The leasehold expires in 2066.
North Malé Atoll is 20 minutes from the capital (Malé) by speedboat.
Mr and Mrs Tang are also behind a $1.88 billion mixed-use complex, 8 Shenton Way, Singapore, set to accommodate a 63 level building, that country’s tallest.
In January the couple outlaid $545.6m for residential developer SingHaiyi Group.
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