Home News REITs

Ascott Residence Trust to repossess Park Hotel CQ due to $5.9 mil owed

Felicia Tan
Felicia Tan6/27/2021 11:48 PM GMT+08  • 2 min read
Ascott Residence Trust to repossess Park Hotel CQ due to $5.9 mil owed
The managers add that they are considering “possible options” for the property should the master lease be terminated.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

The manager of Ascott Residence Trust has issued a notice of intended forfeiture to its tenant, Park Hotel Clarke Quay, on June 25.

The notice was issued under a master lease for 1 Unity Street dated April 5, 2013, with a term of 10 years commencing June 28, 2013.

According to ART’s business update in the 1QFY2021, a letter of demand was issued to the hotel to recover the sums due under the master lease as at March 1.

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)
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.