JCube is set to close JCube Residence in August and be replaced by JCube Condo Residence, a 40-storey residential and commercial development, estimated to launch for sale in 2023. It will be part of Singapore’s Jurong Lake District rejuvenation plan, which includes a 6.8 hectare mega site for private homes, offices and retail.

CDL and M&C has a portfolio of over 120 hotels, resorts and serviced residences under four distinct brands in 13 countries, including the United Kingdom, France, Germany, the United States, Mexico, Australia, New Zealand, Japan, China, Taiwan, Thailand, Vietnam and Malaysia.

City Developments Limited (CDL) has entered into a purchase sale agreement (PSA) and business asset sale agreement on March 22 to acquire Sofitel Brisbane Central for A$177.7 million ($159.2 million) or A$427,000 per key. CDL’s wholly-owned hotel subsidiary Millennium & Copthorne Hotels Limited (M&C) and New Zealand-listed subsidiary Millennium & Copthorne Hotels New Zealand Limited both jointly own the property in a 50:50 venture.

Sofitel Brisbane Central is a five-star luxury hotel located in the central business district (CBD) of Brisbane. It boasts 416 rooms and suites and is the largest single-branded hotel in Brisbane by room inventory. The 30-storey building is home to the city’s largest hotel event and meeting facility with nine meeting and conference rooms that can accommodate up to 1,100 people.

The hotel is also in close proximity to a variety of attractions and amenities. It enjoys direct access to Brisbane’s Central Station, making it easy to connect to the airport, Brisbane Entertainment Centre, Gold Coast and other areas of Queensland. Key attractions such as Eagle Street Pier and Queen Street Mall are also within walking distance.

This acquisition aligns with CDL’s diversification strategy, as Australia is now one of the group’s key markets. It also has several development projects, including Fitzroy Fitzroy and The Marker in Melbourne and Brickworks Park and Treetops at Kenmore in Brisbane.

Kwek Leng Beng, Executive Chairman of CDL, commented on theacquisition, “The proposed acquisition marks the group’s entry into Brisbane’s hospitality sector. Brisbane is amongst the key hospitality markets in Australia that have enjoyed the strongest revenue per average room (RevPAR) recovery in 2022, significantly exceeding pre-pandemic levels. With Brisbane being the host city for the 2032 Olympic and Paralympic Games and the Rugby World Cup in Australia in 2027 and 2029, the acquisition presents an attractive opportunity for the group to enlarge our presence in Australia and enhance our recurring income stream. The group remains focused on optimising our hospitality portfolio.”

CDL and M&C together has a portfolio of over 120 hotels, resorts and serviced residences across 13 countries, including the United Kingdom, France, Germany, the United States, Mexico, Australia, New Zealand, Japan, China, Taiwan, Thailand, Vietnam and Malaysia. The hotel features picturesque views of Brisbane’s skyline, ANZAC Square and even the Sunshine Coast, making it an attractive destination for tourists.