Ascott REIT's property in Singapore, Ascott Raffles Place. (Photo: REITsWeek)

Amid questions over the value of a property which is being divested, Ascott REIT has assured investors the asset’s appraisal process was done in line with prevailing market practices.

Ascott REIT first announced on 9 January that it was disposing the serviced residences property known Ascott Raffles Place Singapore for SGD353.3 million (USD260 million).

The sale consideration is approximately 64.3% above the property’s latest valuation of SGD215 million as at 31 December 2018, as independently appraised by Colliers International.

Read: Ascott REIT to dispose serviced residences in Singapore CBD for USD260 million

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.