SINGAPORE (EDGEPROP) - Shangri-La Asia has announced that its wholly owned subsidiary, Shangri-La International Hotel Management, has entered into a seven-year lease for office premises at Great World City in Singapore. The lease, commencing on 1 January 2026, covers units in the West Lobby, has a monthly rent of $51,219.20 and a monthly service charge of $6,402.40. Shangri-La Asia says the group will use the property as its corporate offices in Singapore.

The lessor, GWC Commercial, is a subsidiary of Allgreen Properties, which is an associate of Kerry Holdings, a substantial shareholder of Shangri-La Asia. This makes the transaction a connected one under Hong Kong listing rules, subject to announcement and reporting requirements, but exempt from independent shareholders' approval, given that the value of the right-of-use asset for the lease, at $4.2 million, is less than 5% of the applicable percentage ratios. Shangri-La and Allgreen Properties are both part of the Kuok Group.

Shangri-La Asia's board states that the lease terms are fair, reasonable, and at market level, facilitating the group's daily operations in Singapore.

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