Carlton City Hotel is the latest in a line of hotels that have opened in the central part of Singapore this year, with the 386-room property seeking a slice of the corporate travel market.
Owned and operated by Carlton Properties (Singapore), the group's portfolio also includes the 915-room Carlton Hotel along Bras Basah Road.
Located on Gopeng Street in the Tanjong Pagar area, the latest 29-storey project is a new build, with construction having commenced back in 2010.
Describing the hotel as having seen a good start since its soft launch on Aug 5, general manager Mark Bulmer said that over 100 rooms were occupied within the first few days of opening.
All public areas and food and beverage (F&B) outlets in the hotel are operational, as are the majority of rooms, with the last of the rooms to be ready for business by the end of this week.
As part of its opening promotion, rates are starting from $238++ for its 32-square metre deluxe rooms.
"Because we've opened in the second half of the year, it will take a couple of months for business to ramp up. We would like to see the hotel operating at 80 per cent or above as soon as possible - I think within the earlier part of next year," Mr Bulmer highlighted, adding that occupancy may sit around 60 per cent in the first few months as it works to gain traction.
According to preliminary estimates on the Singapore Tourism Board's (STB) website, the average industry-wide room rate for the period spanning January to July came in at $252.40, down 2.5 per cent year-on-year, while occupancy more or less held firm at 86 per cent.
Mr Bulmer also acknowledged that it might be more challenging to fill rooms on weekends - given its presence in the CBD - and will focus "very carefully on the leisure market, for (weekend nights)". Noting that this segment is price-sensitive and tends towards short lead bookings, it will keep an eye on rivals in the area.
And, while competition is expected to intensify as more new hotels open their doors, the hotel's management is banking on Carlton City's location and positioning.
"We're a little bit different from a mainstream corporate hotel. Whilst we have the facilities, we're also looking to deliver a more personalised approach," he added.
Carlton Properties is also on the lookout for potential opportunities in the region to expand its portfolio.
Other upcoming properties in the CBD include the Sofitel So, slated for completion later this year, as well as a luxury business hotel in GuocoLand's mixed-use development Tanjong Pagar Centre in 2016.