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

Ascott REIT is disposing the serviced residences property known as Ascott Raffles Place Singapore for SGD353.3 million (USD260 million).

The property, which is located within Singapore’s central business district (CBD), was acquired from the The Ascott Limited for SGD220 million in 2012.

As such, Ascott REIT is expected to realise an estimated net gain of approximately SGD134 million from the sale.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.