BlackRock buys Singapore serviced apartment asset
[SINGAPORE] A BlackRock-led consortium is buying the freehold Momentus Serviced Residences Novena at 12 Shan Road, for just over S$100 million, The Business Times understands.
The 15-storey block is being sold by a joint venture comprising Roxy-Pacific Holdings, Macly Capital and LWH Holdings. The development's 78 serviced apartments comprise studio, one and two-bedroom apartments. Facilities include a swimming pool, a fitness room and a rooftop garden.
The property is currently operated by SingHaiyi Group's hospitality arm, Momentus. However, this arrangement is expected to be terminated as part of the sale.
BlackRock is said to have a local partner, believed to be an entity linked to Matthew Ong of SLB Development, for the purchase of 12 Shan Road.
Formerly known as 12 On Shan, the building was completed in 2018 with a gross floor area of 68,048 sq ft.
The property is about 550 metres from Novena MRT Station. It is also near Mount Elizabeth Novena Hospital, Tan Tock Seng Hospital, and the Velocity@Novena Square and Square 2 malls.
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The Roxy-Pacific-led consortium acquired the serviced apartment building in 2022 from TA Corporation for S$86.5 million.
Earlier this month, a tie-up between BlackRock and YTL entered into a purchase of the 299-unit Citadines Raffles Place for S$280 million.
The serviced residence is within the CapitaSpring building, which is on a site in Market Street with a 99-year leasehold tenure that began on Feb 1, 1982; this leaves about 55 years and nine months on the lease.
The serviced apartments are on levels nine to 16 of the 51-storey building which also has a food centre, offices and pockets of retail space.
Citadines Raffles Place is being sold by a 45:45:10 joint venture involving CapitaLand Integrated Commercial Trust, CapitaLand Development and Mitsubishi Estate, respectively.
CapitaLand Investments' lodging arm, The Ascott, continues to manage the property, comprising studios, one-bedders, two-bedders and lofts. The units range from about 215 square feet (sq ft) to 646 sq ft.
Last year, BlackRock teamed up with Weave Leaving for the S$148 million purchase of the 154-unit Citadines Mount Sophia; the asset had a balance leasehold estate of about 81 years at the time.
The property, which was sold by CapitaLand Ascott Trust, has since been refurbished and rebranded Weave Suites - Hillside, comprising 175 units.
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