Ibis Novena sold for nearly S$170m

Singapore

PROPERTY funds managed by Alpha Investment Partners have sold the freehold Ibis Novena for nearly S$170 million, The Business Times understands.

The price works out to around S$700,000 per room and a net yield of about 3 per cent. Alpha has made a profit from the deal; it paid S$150 million for the 241-room hotel in 2013.

Accor will continue to manage the property, which is at the corner of Irrawaddy and Balestier roads.

BT understands that the buyer is an entity linked to Mohammed Saiful Alam, who controls Bangaldeshi conglomerate S Alam Group, which is involved in a range of activities including agrobusiness, consumer products, cement, steel, power, e…