Cheong Sim Lam entered into a sale and purchase agreement to acquire Ascott Raffles Place from Ascott Residence Trust (SGX:A68U) for approximately SGD 350 million on January 9, 2019. Under the terms of the agreement, Cheong Sim Lam has paid 15% of the consideration as deposit and will pay the balance of the consideration on completion. Completion of the transaction is subject to, among others, there being no material damage or compulsory acquisition of the property prior to completion of the transaction. The transaction was approved by the Board of Directors of Ascott Residence Trust. The transaction is expected to complete on May 9, 2019. Proceeds from the transaction may be used by Ascott Residence Trust to pare down the debts, to fund potential acquisitions and/or for other general corporate purposes. Colliers International acted as valuer of the property for Ascott Residence Trust. Shaun Poh of Cushman & Wakefield acted as broker in the transaction on behalf of Ascott Residence Trust. Wai Ming Yap of Morgan Lewis Stamford acted as the legal advisor to Cheong Sim Lam.