City Development Limited invested freehold Osaka hotel for SGD$78.5 million

Singapore’s established real estate developer, City Development Limited (CDL), recently acquired a 256-units freehold hotel in Osaka, The Bespoke Hotel Osaka Shinsaibashi, marking their 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. Placement in the prime Osaka’s Shinsaibashi commercial district, The freehold lifestyle Bespoke Hotel first business operation started in 2K19, is within 10-minutes’ walk to subway train station like The Nagahoribashi and Shinsabashi stations, as well as nearby to several famous shopping district including the city’s famous Midosuji Avenue and Shinsaibashi-suji shopping street. The strong post-pandemic recovery Japan tourist industry, particularly Osaka, will rejuvenate the recently purchased freehold hotel in years to come, according to A consolidated data 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 six months, and is calculated to attract in 30 million visitors. On track for completion in Osaka in 2K30, the US$10 billion ($13.5 billion) MGM Integrated Resort is a resort with wide spectrum of tourism facilities like casino, entertainment, shopping, hotel and MICE (or meeting, incentives, conferences and exhibitions), is targeted to welcome 20 million visitors annually 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.

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