Sale of Ascott Raffles Place in line with 'legal and regulatory rules'
Ascott Reit manager says the final price reflects the highest offer received during its marketing exercise
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Singapore
ASCOTT Reit's manager said on Monday evening that the sale price of S$353.3 million for the recently divested Ascott Raffles Place reflects the highest offer received during its marketing exercise.
The building had been sold to private investor and developer Cheong Sim Lam, an unrelated third party, on Jan 9. The Reit last year received unsolicited offers for the property, prompting it to engage Cushman & Wakefield for the exercise.
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