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.
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