SINGAPORE - Singapore-listed property developer Hiap Hoe Group said on Monday it has received regulatory approval to include a hotel on a land site it bought in Melbourne last year.
It has also signed a long-term management contract with Starwood Hotels & Resorts Worldwide to manage the hotel, which will be called the Four Points by Sheraton Melbourne Docklands.
Hiap Hoe plans to build an integrated development on the plot, comprising a 269-room hotel and two residential towers with 471 homes in all. The project will be named Marina Tower, Melbourne.
"With Melbourne's healthy economy and status as a key tourist destination, we identified strong investment opportunities underpinned by the scarcity of and demand for quality hotel accommodation," said Mr Teo Ho Beng, Hiap Hoe's executive chairman and chief executive officer.
The group said its hotel is expected to benefit from the scarcity of hotel rooms in the area. The nearest hotel, the four-star Atlantis Hotel, is located about 1.7km from Hiap Hoe's land site.