The Business Times
business-time-50
SINGAPORE PROPERTY
·
SUBSCRIBERS

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

google-preferred-sourceAdd BT as a preferred source
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

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    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.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Singapore propertyBlackRockCapitaLand Integrated Commercial TrustCommercial & IndustrialHospitality

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    Air India has been one of the foreign carriers most affected by the outbreak of hostilities in the Middle East.

    Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss

    In this economy, the smartest bets might no longer be sitting an ocean away, but are waiting right here at home.

    ‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival

    Malaysia Madani, or Civil Malaysia, is Prime Minister Anwar Ibrahim's slogan encapsulating positive values (such as humanity and strong governance) that would shape policy direction. But the "corporate mafia" claims have now cast the spotlight on governance credibility.

    From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?

    Malaysia ranks 23rd globally on the Milken Institute’s global opportunity index.

    South-east Asian markets account for 8.8% of global capital inflows from 2021 to 2024: report

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More