An unknown buyer acquired Hotel Grand Chancellor (Palm Cove) Pty Limited from Hotel Grand Central Limited (SGX:H18) for AUD 10.9 million on August 11, 2021. Purchaser had declared the agreement unconditional after carrying out a due diligent investigation of the property and had paid the deposit of AUD 1 million The balance sum of AUD 9.89 million after settlement adjustments was paid the on settlement date. As of December 31, 2020, Hotel Grand Chancellor (Palm Cove) Pty Limited reported net loss of AUD 0.81 million. The net sale proceeds will be placed into interest bearing bank term deposits to top up Hotel Grand Central Limited's cash pool pending future investment opportunities by Hotel Grand Central Limited. CBRE acted as an advisor to Hotel Grand Central Limited. A commission of AUD 0.33 million was paid to CBRE. Colliers International acted as a valuer to the property. An unknown buyer completed the acquisition of Hotel Grand Chancellor (Palm Cove) Pty Limited from Hotel Grand Central Limited (SGX:H18) on August 11, 2021.