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Ascott Reit sells Raffles Place property for S$134m net gain

Thu, Jan 10, 2019 – 5:50 AM

Singapore

PRIVATE investor Cheong Sim Lam, whose family developed International Plaza and the Hyatt Regency Singapore, snapped up Ascott Reit’s serviced apartment building Ascott Raffles Place Singapore for S$ 353.3 million.

The sale price is some 64.3 per cent above the property’s latest valuation of S$ 215 million as at Dec 31 2018. After accounting for transaction related ex…
The Business Times

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