Suntec Singapore International Convention and Exhibition Centre has been acquired by ARA Asset Management for US$164m.
The fund’s investors include Suntec REIT, which owns the adjoining Suntec City Mall.
ARA Group CEO john Lim says: “With one million square feet of real estate space strategically located at Marina Bay area, Suntec is a prized asset with excellent potential for enhancement.
“Given our role as the manager of Suntec REIT, ARA is in a good position to tap the synergistic potential of the two properties”.
Singapore has held on to its title as number one city for meetings according to the latest rankings from the Union of International Associations for 2008.
“In 2008 it has not only maintained its position in first place, it has increased its margin to 50 per cent more meetings than the second-ranked city,” says UIA secretary-general Jacques Mevius. London is ranked 10th in the rankings.