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OAKWOOD Studios Singapore, a freehold serviced apartment block on Mount Elizabeth, has changed hands for S$152.76 million.

The price works out to S$1.59 million per apartment unit. The property comprises 96 units of studio, one and two-bedroom apartments, information on The Ascott booking website showed.

Oakwood is a brand under The Ascott, the wholly owned lodging business of CapitaLand Investment.

The buyer is a Singapore-incorporated company linked to the family of an Indonesian tycoon, thought to be Sugianto Kusuma. He is the founder of Jakarta-based Agung Sedayu, one of Indonesia’s biggest property developers.

When approached by The Business Times and asked whether the Kusuma family is indeed the buyer of 18 Mount Elizabeth, the Agung Sedayu Group declined to comment.