Ascott Residence Trust (Ascott REIT) is selling Ascott Raffles Place Singapore for $353.3 million to an unrelated third party.

Located on 2 Finlayson Green, the 999-year leasehold property comprises 146 units including studios, one- and two-bedroom apartments. It has a gross floor area (GFA) of 168,952 sq ft.

The sale price of $353.3 million is 64.3% above its latest valuation of $215 million at end-December.

The divestment is in line with Ascott REIT’s strategy to regularly evaluate and rejuvenate its portfolio. It expects to realise an estimated net gain of $134 million. It acquired the property from The Ascott Limited for $220 million in 2012.

Net proceeds from the sale could be used for new investment opportunities and to pay down debt. The sale is not expected to have a material impact on the REIT’s financial performance.