The decision to invest in a condo in Singapore has undoubtedly become a hot topic among not only local residents but also foreign individuals. This can be attributed to Singapore’s flourishing economy, stable political climate, and exceptional quality of life. The real estate market in Singapore presents a plethora of lucrative opportunities, with condos being a standout choice for their convenience, amenities, and potential for high returns. In this article, we will delve into the advantages, factors to consider, and necessary steps to take when investing in a condo in Singapore, with a special focus on the latest Singapore projects.
Japanese hospitality company Seibu Prince Hotels & Resorts, a subsidiary of Tokyo-listed Seibu Holdings, has recently expanded its brand into Southeast Asia with the launch of Park Regis by Prince Singapore on September 3. Located in the popular Clarke Quay area, the 203-key hotel has undergone extensive renovations and upgrades to its guest rooms, now offering amenities such as complimentary high-speed Wi-Fi and 50-inch smart TVs with casting capabilities. Additionally, the hotel has made a conscious effort to reduce their use of single-use plastics by replacing items such as water bottles with alternatives like water filters.
According to Alex Barnett, director of global brand and communications at Seibu Prince Hotels Worldwide, the recent refurbishment and rebranding has resulted in an increase in the hotel’s base room rates. The previous nightly rate of around $200 has now jumped to approximately $230.
Park Regis by Prince Singapore offers four room categories, ranging in size from 215 sq ft to 463 sq ft, catering to both business and leisure travellers in the mid- to high-tier range. This is the first Park Regis hotel to be rebranded under the Seibu Prince brand.
Exporting Japanese Hospitality
Seibu Holdings is a major hospitality conglomerate in Japan, operating over 50 hotels, 25 hot spring facilities, and 28 golf courses. President and CEO of Seibu Prince Hotels Worldwide, Yoshiki Kaneda, believes there is a growing demand for Japanese-style hospitality in the luxury segment around the world, and that the group is uniquely positioned to fulfill this demand. With over 80 years of experience in the Japanese hospitality industry, Seibu Prince has a deep understanding of what makes for exceptional service.
According to Steven Tang, general manager of Park Regis by Prince Singapore, the three defining characteristics of Japanese-style hospitality, referred to as omotenashi, are anticipation, selflessness, and sincerity. This has led to the implementation of various guest-centric features, such as digital room keys and an AI chatbot via the hotel’s app, designed to facilitate guest service requests, provide updates on flight details, and offer recommendations for nearby attractions.
Seibu Prince has also started sending Japanese staff overseas to train local hotel employees. For example, the group’s hotel in New York, The Prince Kitano New York, has a team of master chefs, with almost 12% of the total staff hailing from Japan.
International Expansion of Flagship Brand
The rebranding of Park Regis by Prince Singapore is part of Seibu Holdings’ efforts to expand their flagship Prince brand outside of Japan. In April, the company unified its three international subsidiaries – Seibu Prince Hotels Worldwide, StayWell Holdings, and Prince Resorts Hawaii – under a single identity: Seibu Prince Hotels & Resorts.
In 2017, Seibu Holdings acquired the Park Regis and Leisure Inn brands by purchasing Australian hotel operator StayWell Holdings for A$50 million. At the time of acquisition, StayWell’s portfolio included 30 hotels across seven countries. Park Regis by Prince Singapore is the first Park Regis hotel to be rebranded under the Prince name.
According to Kaneda, the group’s focus for future expansion will be on Asia and Southeast Asia, with plans to establish Prince hotels in major cities such as Singapore, Bangkok, Kuala Lumpur, and Jakarta. The brand is set to debut in two more Southeast Asian countries next year, with the openings of Park Regis by Prince Menteng in Indonesia in early 2025 and The Prince Akatoki Riverside Bangkok in Thailand by the end of next year. Outside of Asia, the group opened its first property in the continental US in February.
Currently, the Seibu Prince Hotels & Resorts portfolio includes over 80 hotels, with plans to triple this number to 250 by 2035. As Kaneda explains, the group’s target is to have 100 hotels in Japan and 150 hotels internationally. With over 50 hotels in Japan and 33 hotels outside of Japan in countries such as China, Hawaii, Taiwan, Australia, and the UK, Seibu Prince Hotels & Resorts is well on its way to achieving its goal.
