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Suntec Singapore Acquired by ARA Asset Management

Search ASIA Travel Tips .com Latest Travel News Send to Friend Wednesday, 5 August 2009

Suntec Singapore International Convention & Exhibition Centre has been acquired by ARA Asset Management Limited through the ARA Harmony Fund.

ARA closed the Harmony Fund for the acquisition, amounting to Sin$235 million. The fund’s investors include Suntec REIT and private financial investors. ARA will be the asset manager and convention & exhibition service provider for Suntec Singapore after the transaction completes.

“We are delighted to have secured this opportunity for our investors and very excited at the prospect of managing Suntec Singapore, an internationally recognized landmark,” said ARA Group CEO John Lim. “With approximately 1 million square feet of real estate space strategically located in the Marina Bay area, Suntec Singapore is a prized asset with excellent potential for enhancement. Given our role as the manager of Suntec REIT which owns the adjoining Suntec City Mall, ARA is in a good position to tap the synergistic potential of the two properties.”

Suntec Singapore expects to tap on the synergies with ARA and also Suntec REIT, which owns properties including Suntec City, Singapore’s largest integrated commercial development (including one of Singapore’s largest shopping malls), Park Mall, Chijmes, and one third interest in One Raffles Quay. Suntec REIT is also managed by ARA.

“This is going to be a unique opportunity for us to take advantage of our achievements and proven track record,” said Pieter Idenburg, CEO of Suntec Singapore. “The new investors have a vision of building on our award-winning convention and exhibition centre and we look forward to working with ARA and Suntec REIT to draw upon each other’s expertise.”

The acquisition, to be completed in October, is not expected to affect the running of the operations and it will be business as usual for the venue.

Suntec Singapore began its proud history in the mid- eighties when it was conceptualized by a group of investors from Hong Kong.

Since opening its doors in 1995, Suntec Singapore has made its mark in hosting a myriad of iconic events of diverse nature within its premier convention facility.

To date, the venue has hosted close to 15,000 events; some of which include the World Trade Organization Ministerial Meetings in 1995, the Annual Meetings of the Board of Governors of the International Monetary Fund and World Bank Group in 2006, and more recently the Singapore International Water Week, ITB Asia and Tax Free World Association.

 This November, Suntec Singapore will host APEC Leaders Week and will serve as one of the largest sporting venues for the inaugural Youth Olympic Games in 2010.

To prepare for these upcoming major events, the venue is bringing a fresh new look to its Ballroom and pre-function areas. Additional meeting space has been created in the lobby to include three state-of-the-art new meeting rooms. Mobile registration counters have also been introduced to allow flexibility for organisers.

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