OLLOWING asset sales in China and Malaysia, CapitaLand yesterday said it has sold the Somerset Orchard serviced residence to OG Pte Ltd for $100 million in cash. The real estate group expects to book a gross gain of $43 million from the sale of the 88-unit block, which has acarrying value of $57 million. The property was owned by CapitaLand's serviced apartment subsidiary, the Ascott Group, which will...
Capital Tower Beijing
Property developer CapitaLand is selling its Capital Tower Beijing office tower for US$352 million. It declined to name the buyer, except to say it is a Fortune 500 company, which is looking to set up a corporate headquarters in Beijing. CapitaLand intends to use the funds to reinvest in other opportunities in China. It will also recognise a gain of about US$115 million. The developer said it received...