SINGAPORE (Nov 3): OCBC is maintaining its “buy” recommendation for Ascott Residence Trust after it sells a residential property in Makati City in the Philippines for 240 million pesos ($7 million).

The sale is to an unrelated party, and the property fetched more than seven times its last independent valuation of 34 million pesos as at June 30, OCBC says.

“Besides the attractive disposal price, [the Ascott Residence Trust] management believes the asset offers limited growth and hence comes at an opportune time to sell it,” OCBC says.

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