Perennial Real Estate buys Pontiac Land’s stake in The Capitol

Singapore real estate and healthcare company Perennial Real Estate Holdings is acquiring joint venture partner and real estate company Pontiac Land’s stake in The Capitol for $129.6 million.

As part of the sale and purchase agreement, Perennial will pay back with interest a $369 million loan that Pontiac Land made to entities holding The Capitol. Perennial will also make ancillary payments of $3 million to Pontiac Land’s hospitality entity Patina Hotels and Resorts.

The Capitol is a mixed-use development at Stamford Road in Singapore’s civic and cultural district. It includes a residential component, the 39-unit Eden Residences Capitol, the 157-unit boutique hotel The Patina, Capitol Singapore, luxury retail component Capitol Piazza and the Capitol Theatre.


(Credit: Samuel Isaac Chua/The Edge Singapore)

(Credit: Samuel Isaac Chua/The Edge Singapore)

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