Ibis Novena sold for nearly S$170m
The Claremont in Little India is also in the early stages of being sold
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Kalpana Rashiwala
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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.
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