Amid cheers from the congregation, City Harvest Church (CHC)
yesterday announced that it will pay $310 million to become a
co-owner of Suntec Singapore, a prime piece of downtown real
estate.
Senior pastor Kong Hee broke the news first at CHC's service at
its Jurong West building, then later at another service at the
Singapore Expo in Changi.
He said CHC had acquired a 'substantial stake in a consortium
company that owns 80 per cent of a joint venture fund that owns
Suntec Singapore'.
The complex's full name is Suntec Singapore International
Convention and Exhibition Centre.
The $310 million includes the cost of acquiring shares in the
consortium, rental costs, renovation costs and others.
Suntec Singapore was acquired by ARA Asset Management through
the ARA Harmony Fund last year, with its investors comprising
Suntec Reit - which holds 20 per cent - and a consortium company
which holds 80 per cent.
