Mega church City Harvest Church (CHC) moves to snap a downtown property. Church plays monopoly?
Church to co-own Suntec
Amid cheers from the congregation, City Harvest Church (CHC) yesterday announced that it will pay $310 million to become a co-owner of Suntec Singapore, a prime piece of downtown real estate.
Senior pastor Kong Hee broke the news first at CHC’s service at its Jurong West building, then later at another service at the Singapore Expo in Changi.
He said CHC had acquired a ‘substantial stake in a consortium company that owns 80 per cent of a joint venture fund that owns Suntec Singapore’.
The complex’s full name is Suntec Singapore International Convention and Exhibition Centre.
The $310 million includes the cost of acquiring shares in the consortium, rental costs, renovation costs and others.
Suntec Singapore was acquired by ARA Asset Management through the ARA Harmony Fund last year, with its investors comprising Suntec Reit – which holds 20 per cent – and a consortium company which holds 80 per cent. (Source: The Straits Times)