Frasers Property has sold a newly mixed development, Fraser Residence River Promenade, to Tuan Sing Holdings T24 5IC T24 5IC for $140.889 million.
The development, at Robertson Quay, comprises a 4-storey block of 72 serviced apartments, 3 conservation warehouses as well as 47 car park lots.
For Tuan Sing, the purchase is part of its broader Singapore and regional growth strategy in the hospitality business.
Frasers Property's hospitality arm, Frasers Hospitality will continue to manage the property under the Fraser Residence brand.
The divestment, says Frasers Property TQ5, is part of its active portfolio management to unlock the value of its assets, as part of its broader capital recycling efforts.
Separately, Frasers Hospitality Trust ACV, which has the rights of first refusal to acquire this development from its sponsor Frasers Property, has indicated it is giving this deal a miss as it does not meet its prevailing investment strategy.
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It will continue to explore opportunities from both Frasers Property and other third parties.
Tuan Sing Holdings shares closed at 24 cents on May 14, unchanged for the day.
Frasers Property shares closed at 80 cents, up 0.63 cents.
Frasers Hospitality Trust units closed at 46 cents, unchanged for the day.
