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.
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.
Write to Saurabh Chaturvedi at firstname.lastname@example.org
(END) Dow Jones Newswires
August 03, 2017 20:02 ET (00:02 GMT)