Australia-listed property developer Kingsland Global Ltd has entered into a $3.6 million purchase agreement to acquire a 25 percent stake in the Lumiere Hotel in Phnom Penh from the Singaporean firm Vivaz Group Holdings Pte Ltd, according to a filing on the ASX yesterday.

Lumiere Hotel, which officially opened in March 2017, was built under a joint venture agreement between Kingsland KH, the parent company’s local subsidiary, and One Eleven Development, which sold its share to Vivaz in February 2016 for $14.3 million.