SINGAPORE’s City Harvest Church has raised its stake in Suntec Singapore International Convention & Exhibition Centre to 39.2 per cent, according to a report by Channel NewsAsia.
The church first acquired a 20-per cent share in the MICE facility for S$43.7 million (US$34.7 million) in 2010, through its wholly owned subsidiary, Urban Property Investments.
Last year, the church purchased a further 19.2 per cent for S$54 million.
City Harvest Church now owns 39.2 per cent of the venue, with the remaining 60.8 per cent held by Suntec Harmony, a wholly owned subsidiary of Suntec Real Estate Investment Trust (REIT).
Suntec REIT recently set aside S$180 million to upgrade the MICE venue (TTG Asia e-Daily, November 1, 2011), to be completed in four phases between mid-2012 and 2015.
