Vietnam-based Viva Land (“VL”) has agreed upon the acquisition of SO/ Singapore Hotel (“SSH”) from Singapore-based Royal Group (“RG”) for SGD240 million. The 134-key heritage property is situated by the cross junction of Robinson Road and Boon Tat Street. The transaction of SGD1.8 million per key has set a new record on the price-per-key of hotels transacted in Singapore. The sale of the SSH along with six retail units that are located on the ground floor has over 49 years remaining on its leasehold. In 2020, VL has acquired Robinson Point, a commercial real estate development located beside SSH. With both acquisitions, VL will be able to combine both sites to redevelop as a mixed-use project.