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CapitaLand sells Singapore apartments for global drive

The Singapore-based development and real estate investment firm has sold the 88-unit Somerset Orchard residences in a bid to ‘redeploy’ capital to global investment opportunities. It follows on the firm's sale last week of its interest in the Capital Tower Beijing office complex.

The Ascott Group, a unit of Singaporean development and real estate investment firm CapitaLand, has sold the Somerset Orchard apartments for S$100 million ($70 million; €49 million) to department store OG Private Limited. CapitaLand made a gross gain of about S$43 million from the sale.

The residences, located at 160 Orchard Road in Singapore’s shopping district, comprise part of the Orchard Point complex, which includes a four-story retail portion owned by OG.

Chong Kee Hiong, Ascott deputy chief executive officer of finance and investment, said in a statement proceeds from the sale would be “redeployed to other investment opportunities to enhance our global presence.”

The deal follows on the heels of CapitaLand’s sale last week of its interest in the two-building Capital Tower Beijing office complex. The 35-story office towers are located near the Forbidden City and China National Theatre in Beijing. CapitaLand chief executive said the sale would allow it to deploy capital for other developments in China.

The firm held a final close on its Raffles City China fund in July with S$1.4 billion in capital.