[SINGAPORE] CapitaLand Ascott Trust (Clas) will sell its upscale hotel, The Robertson House by The Crest Collection, to an unrelated third party for S$360 million, it said on Friday (May 29).
The hotel, located along Unity Street in Singapore, will be divested at 4 per cent above book value, and an exit yield of 2.3 per cent, the trust said in a bourse filing.
The hotel has 336 units, and takes up a total of 11,056 square metres. It was completed in 2023, and has a lease of 99 years that commenced from Nov 27, 2006 – with about 79 years of the term left.
The net proceeds from the divestment are S$341.7 million and the hospitality trust will recognise a net gain of around S$38.1 million.
The transaction is expected to be completed in the third quarter of 2026.
For the sale figure, Clas took into account the independent valuation by investment firm Colliers, which valued the property at S$346 million as at Dec 31, 2025.
Serena Teo, chief executive officer of the managers of Clas, said that the divestment is at an “attractive price” of close to S$1.1 million per key, and underscores the trust’s disciplined approach to portfolio reconstitution.
The proposed divestment also allows Clas to redeploy the proceeds into higher-yielding properties, support its asset enhancement initiatives, repay higher-interest debt, and fund general corporate purposes, added Teo.
Assuming that the transaction had been completed on Jan 1, 2025, on a pro forma basis, Clas’ total distribution would be lower at S$226 million, compared with S$233.5 million for FY2025.
On the same basis, dividend per stapled security would have been lower at S$0.0591, compared with S$0.0610 for the financial year, while the distribution yield would have slipped to 6.16 per cent, compared with 6.35 per cent.
Post-divestment, Clas will have four lodging properties in Singapore.
Three properties – Ascott Orchard Singapore, lyf one-north Singapore and lyf Funan Singapore – are operational.
The fourth property, Somerset Clarke Quay Singapore, is under redevelopment and is on track to be completed around end-2026. It is expected to begin contributing income progressively from early 2027.
Stapled securities of Clas ended Thursday 0.6 per cent or S$0.005 lower at S$0.895.
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