CapitaLand to buy property from Ascott Residence for $359m

Publish date: Mon, 09 Jul 2012, 08:16 AM

Southeast Asia’s largest developer CapitaLand said on Monday it will buy a property in Singapore for $359 million from associate Ascott Residence Trust.

CapitaLand will also sell Ascott Raffles Place Singapore and Ascott Guangzhou to Ascott Residence for $283.3 million.

The property, Somerset Grand Cairnhill, will be jointly developed by Ascott Ltd and CapitaLand Residential Singapore Pte into a serviced residence with a hotel license and a high-end residential development, CapitaLand said in a statement.

CapitaLand is expected to sell the redeveloped property back to Ascott Residence for $405 million in 2017.

The property developer said it expected to recognise a netgain of about $51.4 million from the two divestments, and to share a gain of about $42.7 Ascott Residence’s sale of Somerset Grand Cairnhill.

Ascott Residence is managed by a wholly owned subsidiary of the Ascott Limited, and an indirect wholly owned subsidiary of apitaLand.

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hongche

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2012-07-09 18:10

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