A consortium led by Perennial Real Estate Holdings has finally secured TripleOne Somerset. The price is understood to be $970 million in a deal concluded over the weekend.
This is $10 million less than the $980 million amount that Perennial, headed by Pua Seck Guan, was earlier doing due diligence to buy the asset under a letter of intent granted by the building's owner, a fund managed by Pacific Star. However, in late September, Perennial aborted the proposed transaction after the fund raised the asking price to $1 billion.