Perennial Real Estate Holdings is divesting its entire 30 per cent stake in 111 Somerset, known locally as TripleOne Somerset, to gambling mogul Stanley Ho’s Shun Tak Holdings for $155.1 million in cash.
111 Somerset is a prime integrated development, comprising two premium-grade office towers and a retail podium. It is located in the Orchard Road area and next to Somerset MRT station, and is also near the affluent Devonshire and River Valley residential areas.
Shun Tak already owns the remaining 70 per cent stake in the development, having bought it from a Perennial-led consortium in January 2017.
Read more at: https://www.straitstimes.com/business/property/perennial-sells-30-stake-in-111-somerset-to-shun-tak-for-155m