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
About Cushman & Wakefield
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190131005662/en/
MEDIA:
Geraldine Cheong
Associate Director, Communications
+65
63178349/ 96916449
geraldine.cheong@cushwake.com
Shaun Poh
Executive Director, Capital Markets
+65
96626430
shaun.poh@cushwake.com
Source: Cushman & Wakefield