IOI Properties said to have appointed Marriott for its hotel in Marina View

However, the brand for the new hotel has yet to be finalised

Aug 30, 2023

IOI Properties Group is understood to have appointed Marriott International to manage the hotel in its Marina View project in Singapore’s Central Business District.

However, which one among Marriott’s brands will be used for the new hotel has yet to be finalised, The Business Times understands.

Besides the hotel, IOI Properties is developing residential and retail components on the Marina View site. The Bursa Malaysia-listed group was the sole bidder for the 99-year leasehold white site in a Singapore state tender that closed in September 2021. The group bagged the site for S$1.508 billion or S$1,379 per square foot per plot ratio; this was S$101 more than the price at which the group successfully applied for the site to be released from the reserve list in the first-half 2021 Government Land Sales Programme.

In June 2022, IOI Properties received provisional permission from Singapore’s Urban Redevelopment Authority to develop a 307-room hotel, 748 apartments for sale and 2,000 square metres in gross floor area of retail space on the land parcel. However, word in the market is that the developer is making tweaks to the project – the number of hotel rooms will go up to about 350, and the number of apartments will be lowered to nearly 700 units.

Market watchers are not surprised by IOI Properties’ decision to appoint Marriott for the hotel in the Marina View project. The hotel chain already manages four IOI Properties’ hotels in Malaysia: a Le Meridien and a Marriott in Putrajaya, Four Points by Sheraton Puchong, and the Palm Garden Hotel, Putrajaya, a Tribute Portfolio Hotel.

IOI Properties’ 2022 annual report also disclosed that Marriott would also manage another two new hotels for the group: a Moxy in Putrajaya and Sheraton Grand Hotel in Xiamen in China.

In Singapore, too, the South Beach mixed-use project jointly developed by IOI Properties and City Developments has a JW Marriott hotel.

IOI Central Boulevard Towers TOP slated for Q1 2024

Earlier this week, the topping-out ceremony was held for IOI Central Boulevard Towers. The project, which is being developed about 350 metres from the Marina View plot, is scheduled to receive its Temporary Occupation Permit in the first quarter of 2024. The project will have about 1.26 million sq ft net lettable area of office space, of which about 40 per cent has been committed to Amazon and Morgan Stanley.

Advanced stages of negotiations are ongoing with occupiers in the fast-moving consumer goods, asset management and legal sectors for another 20 per cent.

IOI Central Boulevard Towers will also have 30,000 sq ft of retail and F&B space, including a signature restaurant by the ilLido Group and a childcare centre.

For heavyweight hotel chain Marriott, clinching the management contract for IOI Properties’ hotel in the Marina View project will boost its presence in Singapore.

Hotels here it is managing include The Ritz-Carlton, Millenia Singapore, The Westin in Asia Square Tower 2 in the financial district, Marriott hotel in Tang Plaza in the prime Orchard Road retail belt, St Regis in Tanglin Road and W Singapore Sentosa Cove.

Marriott will also manage the 204-room The Singapore Edition hotel along Cuscaden Road opening soon, and a 475-room hotel under the Moxy brand in the mixed-development being built on the former Liang Court complex site in River Valley Road/Clarke Quay area.

https://www.businesstimes.com.sg/pro...el-marina-view