Heeton Holdings on Tuesday said a consortium-led by the real estate conglomerate has bought an iconic entertainment venue in Manchester City, United Kingdom.
The property, known as the Dry Bar, was opened by Factory Records in 1989. The property is a four-storey terraced building with one basement level. It has a total gross internal floor area of approximately 20,713 square feet.
The companies did not dislose the value at which the property was acquired.
Planning permission was granted in 2015 to convert the upper floors of the building into a hotel.
Heeton Holdings along with KSH Holdings and Ryobi Kiso Holdings plan to convert the property into a stylish new hotel, it said in a statement.
Treasure Choice Enterprises, a joint venture between Heeton, KSH and Mchester Development Pte. Heeton holds a 50 percent stake, with KSH and Mchester Development Pte. each having interests of 25 percent.
Upon completion, the property will be managed by Heeton's hospitality division, which currently also five other UK hotels.
Property developer Heeton Holdings has expanded beyond Singapore to Thailand, Australia, Japan, Malaysia, Vietnam and the United Kingdom.
Heeton has formed strong partnerships with other established real estate groups to develop properties locally and internationally. Most recently, the company led a consortium in the acquisition of a 2.45-acre mixed-use site in the heart of Leeds, UK.