SINGAPORE – CapitaLand Ltd. (C31.SG) Friday said its serviced residence business unit will be investing 170.3 million Singapore dollars (US$125.4 million) to acquire land and build serviced residence in an upcoming integrated project in Singapore.
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The investment will come from the unit The Ascott Ltd.'s global fund with Qatar Investment Authority, it said in a stock exchange filing. The unit will buy the land from a group entity CapitaLand Mall Trust (C38U.SG) to build the serviced residences as part of the Funan integrated development in the city-state.
The integrated project also comprises a mall and two office towers.
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(END) Dow Jones Newswires
August 03, 2017 20:02 ET (00:02 GMT)