Cockpit International group has sold the 241-room Ibis Novena located at the corner of Balestier and Irrawaddy Roads for $118 million or $489,626 per room. The freehold hotel opened in April this year. The buyer is said to be Singapore-based Grand Line International, controlled by the Kum family. Market watchers say the pricing achieved for Ibis Novena reflects the steady appreciation in transaction...
