Salter Brothers and Tokyo Century have partnered to develop a hotel at Singapore’s Changi Airport in a joint venture with Singapore developer OUE.
The parties will develop the new 255-key Hotel Indigo Changi Airport, at the gateway airport’s Terminal 2.
Under the agreement, OUE will own a 51% stake in another wholly owned subsidiary, RD Hotel Holdings, which will head the lease and development of the hotel. TC Realty, a subsidiary of Tokyo Century will own the remaining 49% with Salter Brothers.
Paul Salter, managing director of Salter Brothers, said: “We are delighted to partner with Tokyo Century in executing their first real estate investment in Singapore. This partnership aligns with our strategic plans to invest in high-quality hospitality assets that are distinctly positioned and offer strong growth potential.”
Rahul Ghai, managing director and head of Asia at Salter Brothers, said: “We are confident that Hotel Indigo Changi Airport will provide exceptional value to both travellers and investors alike.”
Yoichiro Nakai, deputy president and executive officer at Tokyo Century, said this development reflected his company’s continued commitment to expanding its hospitality footprint in dynamic and high-growth markets. Tokyo Century is a financial services group with diversified investment in leasing, real estate and infrastructure.
Brian Riady, OUE deputy CEO and executive director, said the move was in line with the group’s “asset right” strategy to optimise capital, deployment and grow its third-party funds under management over time.
He said the project paved the way for a strategic partnership between OUE and Tokyo Century to pursue future real estate opportunities in Singapore and beyond.
To read the latest IPE Real Assets magazine click here.
AloJapan.com