City Development Limited invested freehold Osaka hotel for SGD$78.5 million
City Development Limited (CDL), one of the Singapore’s most established real estate developer,recently invested in a freehold 256-units hotel in Osaka, The Bespoke Hotel Osaka Shinsaibashi. This marks the group third hotel acquisition in 2k23. The recently acquired Osaka hotel cost 8.5 billion yen ($78.5 million) made via CDL’s indirect wholly-owned subsidiary, M&C Sakura TMK, of the Osaka hotel. The group also invested in the Sofitel Brisbane Central in Australia in March and the Nine Tree Premier Hotel Myeongdong II in South Korea in July. Strategically sited in the prime Osaka’s Shinsaibashi commercial district, The freehold entertaining Bespoke Hotel first started business operation in 2K19, is within 10-minutes’ walk to railway train station like The Nagahoribashi and Shinsabashi stations, as well as close to several most patronized shopping district including the city’s famous Midosuji Avenue and Shinsaibashi-suji shopping avenue. The strong post-pandemic recovery Japan tourist industry, particularly Osaka, will revitalize the recently acquired freehold hotel in the near future, according to a credible by the well-established Singapore real estate developer. Coming in third position globally, the Japan amusement park, Universal Studios Japan, in 2K22 attracted 12.4 million visitors. Osaka will also organize a World Expo in 2K25 which last half a year, and is targeted to attract in 30 million visitors. On track for legal possession in 2K30, the Osaka US$10 billion ($13.5 billion) MGM Integrated Resort is a resort with diverse tourism facilities like casino, amusement, retail centres, hotel and MICE (or meeting, incentives, conferences and exhibitions), is estimated to attract 20 million visitors every year upon its grand opening ceremony. “Japan’s tourism industry has gained back strong momentum post-pandemic, and we saw this as a excellent option to strengthen our hotel portfolio. Our group owns the 329-room Millennium Mitsui Garden Hotel in Tokyo Ginza as well as other rental apartment assets in Yokohama and Osaka. This investment is aligned with our group’s strategy to spontaneously outreach and expand our global property portfolio,” says Kwek Leng Beng, CDL’s executive chairman.