Mainboard-listed Heeton Holdings has announced its acquisition of a hotel in Singapore, Capri by Fraser Changi City, as part of a joint venture consortium.
The boutique hospitality company has recently entered into a new joint venture, ‘Dorsett Atelier Capital Heeton Changi’, with Atelier Capital Changi and Dorsett Hospitality International (DHI).
As part of the acquisition, DHI will be taking over the hotel operation and is set to rebrand the hotel to “Dorsett Changi City Singapore”.
Hoh Chin Yiep, CEO of Heeton, says: “The acquisition marks our first foray into the local hospitality market and is part of our expansion strategy in the hospitality industry.”
Currently situated in Changi Business Park, the group says that the hotel is ideally suited to serve business or leisure travellers from the nearby Changi Airport, especially with the airport’s upcoming Terminal 5.
On the back of the continued post-pandemic recovery of Singapore’s tourism sector, the group says that the hotel is well-positioned to generating a steady and recurring income for Heeton Holdings.
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The addition of the hotel’s acquisition brings the group’s portfolio up to 14 hotels in operation worldwide.
This comes alongside the group’s upcoming hotel in Bhutan Paro, Dawa at Hilltop by Heeton, which is expected to launch in the second quarter of 2025.
More updates are expected to follow with further material developments.
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Shares in Heeton Holdings closed at 0.1 cents higher or up 3.7% at 28 cents on Sept 3.
