SINGAPORE - Mainboard-listed property developer Oxley Holdings announced on Tuesday (Aug 15) that the two hotels it is building in Stevens Road will open by the end of this year.
The project with a gross development value of about $900 million and received its temporary occupation permit on Aug 3.
Visitors can choose from the 254-room Novotel hotel or the 518-room Mercure. Both are near Scotts Road and the Orchard Road shopping district.
Oxley executive chairman and chief executive Ching Chiat Kwong said in a statement: "We believe that Singapore's hospitality market is expected to remain strong as the tourism sector continues to show encouraging growth.
"The growing tourism sector further strengthens our long-term view in investing in quality hospitality assets in Singapore and we are confident that the hotels will contribute positively to our financial performance," said Oxley.
The firm plans to get the full temporary occupation permit for the entire development - including the other facilities for the hotel - before the hotels open their doors.
"The auxiliary areas in progress include the extended facilities for the hotels, two commercial units, some external works and a tennis court."