BlackRock, Tycoon-Backed YTL Set to Buy Singapore Serviced Units

BlackRock Inc. and the hotel unit of Malaysian developer YTL Corp. are set to purchase a group of serviced apartments in a prime office building in Singapore’s Central Business District, according to people familiar with the matter.

The world’s largest asset manager is seeking to buy the Citadines Raffles Place for just under S$290 million ($223 million), the people said, asking not to be identified because the discussions are private. YTL Hotels, which owns and manages hotels for Malaysian tycoon Francis Yeoh’s property group, will hold a minority stake in the 299-room development.

The CapitaSpring building in Singapore.

Photographer: Lauryn Ishak/Bloomberg

The facility is located in ...