Shenton House Waits for a Thirty-Five Storey Replacement
HVS carries the IOI Properties Group transaction in its Asia Pacific hospitality newsletter for the week ending 9 October 2026. The digest heads the item with a S$593.3 million figure for Shenton House at 3 Shenton Way in Singapore's central business district.
IOI Properties set out the terms in a Bursa Malaysia filing on 1 October 2026. Its unit Boulevard View Pte Ltd signed a conditional share sale agreement for Shenton 101 Pte Ltd, the company that owns the tower, at S$1 for the shares. Boulevard View also repays about S$217.1 million of advances that the vendor, group chief executive Datuk Lee Yeow Seng, made to Shenton 101. Shenton 101 carries about S$376.2 million of borrowings that the group consolidates on completion. Both balances are as at 31 July 2026. The two amounts sum to the S$593.3 million behind the digest figure.
The asset is a 25-storey commercial building on a site of 36,350 square feet. Its 99-year lease runs from June 1969, leaving about 42 years. Lee bought the tower through a collective sale for S$538 million and completed that purchase in June 2024.
The digest describes a luxury hotel-office tower. IOI Properties proposes a 35-storey building with a retail basement, three carpark levels, 12 floors of Grade A offices, a 165-room luxury hotel across 10 floors, sky terraces, restaurants and a swimming pool. Net lettable area rises from 218,246 square feet to about 393,185. The group puts the gross development value at S$1.61 billion and the redevelopment cost at S$973.65 million.
The Urban Redevelopment Authority granted provisional permission on 8 June 2026, and written permission is outstanding. Construction is scheduled for the first half of 2027 to the fourth quarter of 2031. Completion of the purchase depends on approval from Bank Negara Malaysia, consent from Shenton 101's lenders and the Singapore Land Authority, and a waiver of a right of first refusal, and the agreement lapses if those conditions are unmet within six months.
Two Kwai Chung Hotels Become Student Rooms
China Resources Longdation Co. Ltd bought the 24-storey Hotel Ease Tsuen Wan and the 21-storey Hotel Ease Access in Kwai Chung for HK$440 million. CR Longdation is a subsidiary of China Resources (Holdings) Co. Ltd. The two buildings hold 330 rooms and about 157,906 square feet of gross floor area. The price works out at HK$2,786 per square foot.
Both buildings convert to student housing. The Standard and Global Student Living reported the purchase on 24 September 2026, about two weeks before the digest carried it.
The pair follows the March 2026 purchase of Hotel Cozi Oasis in Kwai Chung for HK$953 million. That building now trades as Brim Youth, where Hong Kong Baptist University signed for 205 bed spaces on 10 July 2026. All three properties were held by the family of the late Hong Kong businessman Tang Shing-bor.
A Pair of Freehold Shophouses Keeps Its Operator
Coliwoo Holdings Limited agreed to sell 288 and 298 River Valley Road to Qing Feng Construction Pte Ltd and to lease both buildings back for three years. Coliwoo is the SGX-listed co-living arm of LHN Limited. The put and call option agreements are dated 30 September 2026, and the company announced the transaction on 1 October 2026.
Both assets are freehold. The two shophouses carry 50 keys above street-level commercial space, with serviced apartments from the second to the fourth level. Coliwoo keeps all 50 rooms under its own brand through the three-year lease.
HVS heads the item with the S$45.5 million base price, and the filing gives an aggregate consideration of S$45.8 million. Coliwoo expects net cash proceeds of about S$18.7 million. The base price sits 15 percent below the S$53.5 million guide on the pair.
A Ten Storey Kyoto Building Changes Operator
AB Capital Investment Limited bought a 46-key boutique hotel on Kawaramachi Street in central Kyoto. The company announced the acquisition on 30 September 2026 and describes it as its 16th hospitality acquisition in Japan. The purchase was agreed off market.
The asset is a 10-storey steel-frame building completed in March 2026 by Osaka-based Pleasures Corporation. The property trades as Kyoto Gojoan, an upscale boutique hotel. AB Capital works with the domestic operator Section L on the repositioning. Kyoto is Section L's first project outside Tokyo and the debut of its premium brand.
The Tenure Under Each Asset
Tenure separates the four deals. Shenton House sits on a 99-year lease that began in June 1969. Singapore's CBD Incentive Scheme makes the site eligible for 25 percent bonus gross floor area up to a maximum gross plot ratio of 14.0. The two River Valley Road shophouses are freehold. The Kyoto building is newly completed.
What Each Owner Plans to Put Into the Building
Each buyer has published a capital figure or a works programme. IOI Properties budgets S$973.65 million for the Shenton House redevelopment. Qing Feng Construction leases the two shophouses back. AB Capital repositions the Kyoto property under Section L's premium brand.
What the Digest Leaves Unpublished
Two figures in the week's record are the attributing party's own. The 16th acquisition total is AB Capital's. The S$593.3 million Shenton House headline sums two balance-sheet items, the advances and the consolidated borrowings. Savills valued Shenton House as a redevelopment site at S$585 million as at 15 August 2026, below that headline.