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SINGAPORE PROPERTY
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BlackRock close to buying 299-unit Citadines Raffles Place for S$300 million

The asset management company is said to have completed due diligence for the hospitality asset, which is within the CapitaSpring building in Market Street

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Kalpana Rashiwala

Kalpana Rashiwala

Published Tue, Aug 20, 2024 · 10:32 PM
    • Citadines Raffles Place serviced residences are on levels nine to 16 of the 51-storey CapitaSpring. The building is on a site with about 56.5 years' balance lease.
    • Citadines Raffles Place serviced residences are on levels nine to 16 of the 51-storey CapitaSpring. The building is on a site with about 56.5 years' balance lease. PHOTO: GOOGLE MAPS

    A SALE of Citadines Raffles Place serviced apartments seems to be in the offing, with BlackRock said to have completed due diligence for a potential acquisition. The Business Times understands that the pricing is about S$300 million or slightly over S$1 million per unit.

    The 299-unit Citadines Raffles Place is within the CapitaSpring building, which is on a site in Market Street with a 99-year leasehold tenure that began on Feb 1, 1982; this leaves about 56.5 years on the lease.

    CapitaSpring is owned by a 45:45:10 joint venture involving CapitaLand Integrated Commercial Trust (CICT), CapitaLand Development and Mitsubishi Estate Co.

    Singapore propertyBlackRockCapitaLand Integrated Commercial TrustCommercial & IndustrialHospitality

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