BY KALPANA RASHIWALA | AUGUST 02, 2013 | The Business Times

SINGAPORE

Grand Park Orchard hotel including its retail podium Knightsbridge are said to have been sold at slightly over $1.15 billion. The freehold property is being sold by Park Hotel Group to Bright Ruby Resources, a Singapore-incorporated vehicle controlled by the Du family of China.

The buyer’s diversified businesses include shipping, resources and property. Bright Ruby has acquired several commercial properties in Australia, though this is believed to be its first major investment in the Singapore real estate sector.

The cash-flush group has been doing due diligence for the acquisition of Grand Park Orchard for several weeks.

Seller Park Hotel Group is expected to continue managing the 308-room hotel.

http://www.businesstimes.com.sg/premium/top-stories/china-group-buys-grand-park-hotel-record-price-20130802