Ascott Raffles Place was sold for $353.3 million to private investor Cheong Sim Lam, according to Cushman & Wakefield, which brokered the sale. He is the son of the late real estate tycoon Cheong Eak Chong, who developed the Hyatt Regency Singapore and Hyatt Regency Hong Kong, as well as developments such as International Plaza, Pacific Mansion, and Kum Hing Court.

The younger Cheong is a developer of several residential projects including Robinson Suites on Robinson Road, and previously owned the buildings at 137 and 139 Cecil Street.

On Jan 9, the previous owner of Ascott Raffles Place, Ascott Residence Trust, announced that it was selling the 999-year leasehold property. Located on 2 Finlayson Green, the property comprises 146 units including studios, one- and two-bedroom apartments. The sale price of $353.3 million is 64.3% above its latest valuation of $215 million at end-December.