THE wealthy Arab owner of Raffles Hotel is reported to have put the local icon back on the market in a bid to offset billion-dollar losses racked up in the financial meltdown.

Prince Alwaleed Bin Talal Alsaud of Saudi Arabia is said to have put a price tag of $674 million on Raffles, the iconic heritage hotel on Beach Road.

London's Times newspaper said yesterday that Fairmont Raffles Hotels International is seeking buyers for Raffles and other hotel assets, despite a severely depressed market.

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