Thursday, April 8, 2010

No sale of Raffles City S’pore

WE refer to the article ‘Qatar SWF snaps up top Singapore hotel’ (BT, April 7).

While the article states that Qatari Diar has acquired a stake in the Fairmont Raffles hotel chain, it implied that Fairmont Raffles will also take ownership of one of the chain’s Singapore hotels – namely Swissotel The Stamford, Fairmont Singapore and Raffles Hotel.

Swissotel The Stamford and Fairmont Singapore are hotels within Raffles City Singapore, a prime landmark integrated development which also comprises Raffles City Tower (office), Raffles City Shopping Centre, and Raffles City Convention Centre. The two hotels are only operated by RC Hotels (Pte) Ltd, under the Swissotel The Stamford and Fairmont Singapore flags, on a long-term lease.

We wish to affirm that the Raffles City Singapore development is owned by CapitaCommercial Trust (60 per cent) and CapitaMall Trust (40 per cent). CapitaCommercial Trust and CapitaMall Trust have no intention to sell their respective stakes in, or any part of, Raffles City Singapore.

Ho Mei Peng
Head, Investor Relations and Communications
CapitaCommercial Trust Management Ltd

Lim Seng Jin
Head, Corporate Communications and Marketing
CapitaMall Trust Management Ltd

Source: Business Times, 8 Apr 2010

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