OUE Group kickstarts enhancement of Crowne Plaza Changi Airport

Enhancement activities for the property will cost $22m.

OUE Limited has commenced the enhancement activities at Crowne Plaza Changi Airport.

In a bourse filing, OUE said enhancements include the "addition of 12 guest rooms and an extensive revamp of the all-day dining restaurant to complement the current F&B offerings at Changi Airport."

The enhancement will increase Crowne Plaza Changi Airport’s guest rooms to 575.

Meanwhile, its all-day dining restaurant will be relocated to the ground floor. The restaurant will begin offering Italian cuisine through Allora.

The space left by the all-day dining restaurant after its relocation will be transformed into a 352-square metre multi-function room.

OUE’s allocated budget for the enhancement activities is $22m.

The enhancement initiative will be DPU-accretive to OUE Commercial Real Estate Investment Trust (OUE C-REIT).

“With the estimated capital expenditure of up to approximately $14m, the AEI (asset enhancement initiative) is expected to generate a stabilised return on investment of approximately 10%,” OUE C-REIT’s manager stated.

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