The disposal of the assets is expected to net the group a gain of $61 million.
The divestment is said to be in the “best interest” of the group and its shareholders as it will enable the group to “unlock the underlying value and realise its investment in the sale assets”.
EdgeProp Singapore announced the record sale of Ming Arcade to the Royal Group on Dec 16. The building, located at 21 Cuscaden Road, was sold for $172 million, setting a new price record of $3,125 psf per plot ratio (psf ppr).
Shares in Hotel Properties closed flat at $3.60 on Dec 20.
