CapitaLand Ascott Trust (CLAS) is divesting The Robertson House by The Crest Collection in Singapore to an unrelated third party for S$360.0 million. The 336-unit hotel will be divested at 4.0% above book value and an exit yield of 2.3%. The net proceeds from the divestment are S$341.7 million and CLAS will recognise a net gain of approximately S$38.1 million. The transaction is expected to be completed in 3Q 2026.
Ms Serena Teo, Chief Executive Officer of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (the Managers of CLAS), said: “The divestment of The Robertson House by The Crest Collection at an attractive price of close to S$1.1 million per key underscores CLAS’ disciplined approach to portfolio reconstitution. It further enhances CLAS’ financial flexibility, enabling us to redeploy the proceeds into higher-yielding properties, support our asset enhancement initiatives (AEIs), repay higher-interest debt, and/or fund general corporate purposes. We will continue to pursue value-accretive opportunities in Singapore and other developed markets to strengthen the resilience of our portfolio.”
Singapore remains a key market for CLAS
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 Singapore4, is currently under redevelopment. The 192-unit serviced residence with a hotel licence is on track to complete around end-2026 and is expected to begin contributing income progressively from early 2027.
