Suntec Singapore Sold

The Suntec Singapore International Convention & Exhibition Centre (Suntec Singapore) has been bought by ARA Asset Management Limited, through the ARA Harmony Fund, for S$235 million (A$189 million).

Pieter Idenburg, Chief Executive of Suntec Singapore explained "we are excited to work with ARA in taking Suntec Singapore forward and strengthening our competitive edge to capitalise on new opportunities for growth while offering innovative and collaborative solutions for our clients.

"Known for our award-winning operational excellence and service quality, we will continue to lead the MICE industry in Singapore and abroad."

For the ARA Group, Chief Executive John Lim stated "we are delighted to have secured this opportunity for our investors and very excited at the prospect of managing Suntec Singapore, an internationally recognised landmark.

"With approximately one million square feet of real estate space strategically located in the Marina Bay area, Suntec Singapore is a prized asset with excellent potential for enhancement. Given our role as the manager of Suntec REIT, which owns the adjoining Suntec City Mall, ARA is in a good position to tap the synergistic potential of the two properties."

Idenburg added "the new investors have a vision of building on our award-winning convention and exhibition centre and we look forward to working with ARA and Suntec REIT to draw upon each otherâs expertise."

The acquisition, to be completed in October, will not affect the running of the operations and it will be business as usual for the venue. 

14th April 2008 - SINGAPORE FLYER GETS ROLLING