raflles hotel sale ?

[Stamford]

just read in Today that the above sale was called off (said to be in the $650 mio range)  & that it was bought by Alwaleed & Colony for $1.7 bio in 2005.
how is this poss ? - i'm presuming since they even talked that 650 mio was near mkt - but how could a prime item like this have fallen so far in 3 years ?

i notice that property is a more touchy subject than religion here - aggro bulls & bears jumping on each other & never seeing anything that doesnt reinforce their view

I don't really have an opinion either way really - i trade stocks + FX & know zero about RE - just a keen observer.
without getting all emotional .....
wud just like to know from some prop guys what's missing from the raffles article - ?

[actually...]

my very vague recollection from when this (now aborted) traansaction was first reported a few weeks ago is that it was bought for only $200m or so in 2005, in other words massive windfall gains (assuming sale had gone ahead).  Must admit struck me a bit odd paying triple the price three years down the track, but i dont really follow hotel transactions, so no idea really...

[Stamford]

From what I recall, the price difference reflects today's much higher room rates, some of the highest in the world. And still there's a projected hotel room shortage in Singapore.

Also, the place is not just a hotel, it has huge historical/heritage value.

In addition, it comes with a substantial upmarket retail area.

[OP]

to the above 2 posters
thanks
i just chked the paper - it cfms my numbers - so bot for $ 1.7 bio

so i guess must be a typo
anyway very odd !