Singaporean serviced apartment operators Scotts Holdings and DBS Land are considering a £26m sale-and-leaseback of their freehold on the Ascot Mayfair, W1.
The 5,574 sq m (60,000 sq ft) apartment block on Hill Street houses 56 five-star serviced apartments and is their only UK scheme.
The firm has earmarked up to half a billion Singapore dollars (£185m) in its bid to become the first global serviced apartment chain. This includes increasing its 1,650 apartment portfolio in Asia to 8,000 worldwide within five years.
Scotts is currently actively looking in Mayfair, City, Knightsbridge and Kensington for its London expansion and all major European cities, including Paris, Rome, Madrid, Amsterdam and Brussells.
FPDSavills is representing Scotts.
EGi 02/12/99
