Ascott Residence Trust's manager said the company's trustee agreed to sell the Ascott Raffles Place Singapore for S$353.3 million to an unrelated third party.

The (Singapore) Business Times reported Jan. 9 that the buyer is private investor Cheong Sim Lam.

The 20-story property at 2 Finlayson Green features 146 serviced apartments.

The property was valued at S$215.0 million as at Dec. 31, 2018, and the company expects to receive a net gain of S$134.0 million from the sale. The sale price reflects a 64.3% gain on the previous valuation.

The company said the buyer paid 15% of the sale price as a deposit, and the sale is expected to complete May 9.

Net proceeds from the sale may be used to repay debts, fund potential acquisitions and for general corporate purposes, according to a release.

As of Jan. 8, US$1 was equivalent to S$1.36.