Perennial Real Estate and Pontiac Land reach settlement on The Capitol
On Jan 3, Perennial Real Estate announced that the company and its joint venture partner at The Capitol Singapore, Pontiac Land, have come to a settlement agreement. This provides a mechanism for either party to buy out the other party’s shares in the vehicles holding the historic property, namely Capitol Investment Holdings Pte Ltd, Capitol Retail Management Pte Ltd and Capitol Hotel Management Pte Ltd. The disposal and acquisition of shares is expected to be completed within 19 weeks of the date of the settlement agreement.
Located at the corner of Stamford Road and North Bridge Road in the Civic District, The Capitol comprises a retail component called Capitol Piazza, the 970-seat Capitol Theatre, the 39-unit Eden Residences Capitol and a 157-unit boutique hotel, which is housed in the restored Capitol Building and Stamford House.
(Credit: Samuel Isaac Chua/The Edge Singapore)
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