SINGAPORE (Aug 2): Chip Eng Seng has announced that its newly-acquired property at 51 Pirie Street in Adelaide, Australia will be developed into a new Hyatt Regency.
On July 2, Chip Eng Seng acquired the property at a price of A$14.5 million ($14.6 million), funded fully through internal resources.
See: Chip Eng Seng acquires Adelaide property for $14.6 mil in IPT to redevelop into hotel
The 27-storey hotel will offer 295 rooms and facilities - including more than 8,000 sqft of event space, a Market Cafe, a Regency Club, swimming pool, fitness facilities and a rooftop bar.
Construction of the hotel is expected to commence in early 2020, with operations slated to commence in early 2023.
Chip Eng Seng says that the central location of the hotel in Adelaide’s central business district will allow guests easy access to major corporate and government offices, as well as shopping and dining ventures.
Shares at Chip Eng Seng closed 1 cent lower at $0.70 on Friday.
