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LaSalle Investment eyes Singapore, sees opportunities in logistics space
By Cecilia Chow / The Edge Property | May 24, 2016 9:00 AM MYT
Tags: LaSalle Investmentlogisticsoverseas

Over the past five years, LaSalle Investment Management has been shedding the assets it has held in LaSalle Asia Opportunity Fund III, including those in Singapore. Its latest divestment in Singapore was the remaining 16 units in 111 Emerald Hill in February 2015. The 40-unit freehold private condominium on Emerald Hill Road was developed by LaSalle Investment and completed in 2011. About 24 units in the high-end condo were sold between 2010 and 2014, at prices from $2,214 psf for a fourth-floor unit to $3,030 psf for an 11th-floor one.

The bulk purchase of 16 units at 111 Emerald Hill was reportedly made by a group of Singaporean investors who bought the shares in the development company, Emerald Land Pte Ltd. The purchase price was $75 million, or an average of $1,700 psf.

In 2011, LaSalle sold the Crowne Plaza Changi Airport, a 320-room hotel linked to Changi Airport Terminal Three, for $299.5 million. The buyer, OUE Ltd, is building a 10- storey extension that will add another 243 rooms to the property. OUE divested the hotel and the new extension to its hospitality REIT, OUE Hospitality Trust, for a total of $495 million in November 2014.


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