SINGAPORE (Jan 9): Ascott Residence Trust (Ascott REIT) on Wednesday entered into a sale and purchase agreement to divest Ascott Rafles Place Singapore for a consideration of $353.3 million.
The buyer is said to be investor Cheong Sim Lam, whose family developed International Plaza and the Hyatt Regency Singapore.
Located at 2 Finlayson Green, the consideration is at a 64% premium over the independent valuation of the property of $215 million as at Dec 31.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
