SINGAPORE--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) brokered the sale of Ascott Raffles Place Singapore at a sale price of (SGD) $353.3 million. The sale price is some 64.3 percent above the property's latest valuation of (SGD) $215 million as of Dec 31, 2018. The 999-year, 20-storey conserved building at 2 Finlayson Green is zoned commercial and has a gross floor area of 168,952 sq ft with 146 serviced apartments.
The firm’s Capital Markets team led by Shaun Poh, acted on behalf of Ascott Residence Trust Management Limited in the sale to private investor Cheong Sim Lam. Mr. Cheong is the son of Cheong Eak Chong, the late real estate tycoon who developed the Hyatt Regency Singapore and Hyatt Regency Hong Kong as well as other prominent projects such as International Plaza, Pacific Mansion, Kum Hing Court, amongst others, in the 1970s.
Mr. S L Cheong is the developer of several residential projects including Robinson Suites on Robinson Road and previously owned 137 and 139 Cecil Street.
Source: Cushman & Wakefield
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.