Singapore – Suntec Singapore International Convention and Exhibition Centre has been bought by the Singapore real estate fund management company ARA Asset Management for around S$235 million (US$164 million).
ARA, which acquired Suntec from its previous owner, a Hong Kong-based investment group, will manage the venue once the transaction completes.
"With approximately one million square feet of real estate space strategically located in the Marina Bay area, Suntec Singapore is a prized asset with excellent potential for enhancement, said ARA Group CEO John Lim, pictured with Suntec Singapore CEO Pieter Idenburg.
Lim claimed ARA’s role as the manager of Suntec REIT, which owns the adjoining Suntec City Mall, puts it in a good position to tap the potential of both properties.
The acquisition, to be completed in October, will not affect the running of the operations.
