Hospitality trust CapitaLand Ascott Trust (CLAS) is set to divest The Robertson House by The Crest Collection in Singapore for S$360m ($281m).
Sold to an unrelated third party, the deal is expected to complete in the third quarter of 2026.
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According to CLAS, the 336-unit hotel is being sold at 4% above its book value, resulting in a net gain of approximately S$38.1m.
The transaction represents an exit yield of 2.3%. Net proceeds from the sale are reported at S$341.7m.
Following the transaction, CLAS will continue to have a presence in Singapore with four lodging properties. These include Ascott Orchard Singapore, lyf Funan Singapore, and lyf one-north Singapore, all of which are currently operational.
The fourth property, Somerset Clarke Quay Singapore, is undergoing redevelopment. The 192-unit serviced residence is expected to be completed by the end of this year and is projected to start contributing income from early 2027.
Somerset Clarke Quay Singapore is located in the Clarke Quay precinct and will offer direct access to Fort Canning MRT station, with river and hill views.
In the first quarter of 2026, CLAS reported a 2% year-on-year increase in revenue per available unit in its Singapore portfolio. This growth was attributed to higher occupancy rates.
CLAS management CEO Serena Teo said: “The divestment of The Robertson House by The Crest Collection at an attractive price of close to S$1.1m per key underscores CLAS’ disciplined approach to portfolio reconstitution.
“It further enhances CLAS’ financial flexibility, enabling us to redeploy the proceeds into higher-yielding properties, support our asset enhancement initiatives (AEIs), repay higher-interest debt, and/or fund general corporate purposes.
“We will continue to pursue value-accretive opportunities in Singapore and other developed markets to strengthen the resilience of our portfolio.”
In addition to activities in Singapore, CLAS is continuing with AEIs and redevelopment projects in several locations.
Four properties are scheduled for AEIs in 2026 and 2027. These include Citadines Place d’Italie Paris, The Cavendish London, Sotetsu Grand Fresa Osaka-Namba, and Sheraton Tribeca New York Hotel.
As of 31 March 2026, CLAS’s asset value stood at S$8.9bn. The trust invests mainly in income-producing real estate, including serviced residences, rental housing, student accommodation and other hospitality assets globally.
