Perennial Holdings, a leading Singaporean real estate and investment company, has renewed its commitment to invest in Ghana with a bold plan to redevelop the former Shangri-La Hotel site in Accra into a world-class mixed-use project.
The company’s Chief Executive Officer, Mr. Pua Seck Guan, officially presented a Letter of Intent to Ghana’s Minister for Foreign Affairs and Regional Integration, Hon. Samuel Okudzeto Ablakwa, at a ceremony held at The Pulse, Singapore.
Speaking at the event, Mr. Pua recalled that Perennial Holdings first explored redevelopment opportunities in Ghana in 2015 but faced significant obstacles that stalled the project.
“Perennial Holdings owns the former Shangri-La Hotel and the adjoining land in Accra. Back in 2015, we wanted to move forward with redevelopment, but certain constraints prevented us. Today, with the renewed confidence brought by President Mahama’s leadership, Ghana’s reform agenda, and the encouragement of the CEO of GIPC, Mr. Yofi Grant Madjitey, we are ready to return,” Mr. Pua said.
The company’s renewed commitment is inspired by Ghana’s “Reset Agenda”, which Mr. Pua described as having restored investor confidence and stability in the Ghanaian economy.
According to the CEO, the new initiative, dubbed the Accra International Integrated Redevelopment Project, is estimated at over $200 million and will transform the iconic Shangri-La site into a modern multi-purpose complex.
“This redevelopment will go far beyond a hotel project. We envision a 4- to 5-star hotel integrated with a convention centre, function rooms, residences, office spaces, and a retail hub. It will be a landmark project for Accra and a symbol of Singapore-Ghana partnership,” he explained.
Foreign Affairs Minister Okudzeto Ablakwa, who received the Letter of Intent on behalf of the Government of Ghana, welcomed the renewed commitment.
“We see this as a strong vote of confidence in Ghana’s economy and a reaffirmation of the historic ties between Ghana and Singapore. The Government stands ready to provide the necessary support to ensure this project succeeds and benefits our people,” he stated.
The investment marks one of the most significant Singaporean private sector commitments in Ghana to date and is expected to generate jobs, enhance tourism, and strengthen Ghana’s position as a hub for international business and conferences in West Africa.
