CapitaLand said it will buy an Orchard area property from its associate, Ascott REIT, for S$359 million. It will redevelop the property, Somerset Grand Cairnhill, into an integrated development comprising serviced residences (with hotel licence) and high-end residential properties. CapitaLand is expected to sell the redeveloped serviced residences (with hotel licence) back to Ascott REIT for S$405...
