Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}
Ascott Raffles Place story header small Ascott Raffles Place story header


Ascott Raffles  Place: Breaking Sale Records in Singapore Hospitality

01 The Challenge


Ascott Residence Trust appointed Cushman & Wakefield Singapore to broker the sale of Ascott Raffles Place, located in the heart of Singapore’s bustling CBD.

This was no easy feat since Ascott Raffles Place was Ascott’s global flagship serviced apartment. The meticulous delivery of the sale process was imperative and we anticipated a lengthy procedure that would demand utmost professionalism.

02 The Solution

The Cushman & Wakefield Singapore Capital Markets team leveraged their extensive client network and local market knowledge to generate overwhelming response throughout the various stages of the Expression of Interest process.

For legal and administrative challenges, the Capital Markets team assembled a project team that handled a highly confidential and rigorous 3-stage Expression of Sale process.

The aim was to secure the highest possible price with the best possible terms for the Client.

During the sale process, Cushman & Wakefield helped the prospective buyers analyse different development options, such as the subdivision of existing layouts to smaller hotel rooms.

We also presented the potential to convert current space use to office use, with detailed simulations and financial analysis to entice potential investors to put forward their best efforts.


In January 2019, Cushman & Wakefield Singapore closed the sale of Ascott Raffles Place Singapore - the iconic flagship luxury serviced apartments with 146 rooms, to local private investor Cheong Sim Lam.

The property was sold for $353.3 million on behalf of the Client - Ascott Residence Trust, a subsidiary of CapitaLand.

This was the largest Singapore hospitality deal in five years.

It represented a 64.3% premium over the property's latest valuation in December 2017. At the sale price of $2.4 million per room, it also sets the record hotel price per room in Singapore.

Leading the sale from the Cushman & Wakefield team were Shaun Poh, Executive Director of the Capital Markets team in Singapore and Sim Chee Jin, Director of Capital Markets.

Meet the team

Chee Jin Sim

Senior Director
Singapore, Singapore

+65 62320887

Download VCard


Contact us to discuss how our experience on this project could be translated to your business requirements.

More stories like this one

Cushman & Wakefield
Confidential Global Banking And Financial Services Client • Technology
Learn More
112 Robinsons 750px x 456px
Robinson 112 • Office
Learn More
Pacific International Lines (PIL) Building
Pacific International Lines (PIL) • Office
Learn More
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All