The parent of Singapore-based hotel chain Pan Pacific has acquired a site in London with plans to open its first property in the UK capital.
UOL Group has bought the Heron Plaza site in Bishopsgate, in the City of London, for £97 million.
The site, previously owned by property investment firm Heron International, already has permission for a 43-storey building featuring a 190-room hotel, 109 apartments and shops.
Rival luxury chain Four Seasons was originally named as the hotel operator when the project was granted planning approval three years ago.
UOL said it would ‘review’ the configuration following the acquisition.
"We are delighted to have acquired this prime site in London’s central financial district as part of our overseas strategic expansion," said UOL Group chief executive Gwee Lian Kheng.
"We look forward to establishing good rapport with the local community as we embark on the development of this project."
