Frasers Property sold all of Frasers Hospitality Investment Holding (Philippines) to Bond Capital Partners for 1.70 billion Philippine pesos, or around S$45.3 million, the Singapore-listed property developer said in a filing to SGX Friday.
FHIH Philippines owns 69 strata-titled units in Forbes Tower Manila, located in Salcedo Village, Makati, Philippines, where were operated as a serviced residence called Fraser Place Manila, the filing said.
“The group adopts an active portfolio management strategy. This disposal of a non-core asset is in line with the group’s strategy,” Frasers Property said. “Proceeds from the group’s active portfolio management initiatives can be redeployed for development and/or enhancement of assets to enhance the group’s portfolio as well as for general working capital purposes.”
After the deal’s completion, Frasers Place Manila will cease to be operated by Frasers Property’s hospitality division, Frasers Hospitality, the filing said.
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