Shatec, a hospitality and tourism training institute in Singapore, is reportedly shutting down after more than 40 years of operation, due to operational difficulties.Chinese publication Shin Min Daily News reported that real estate firm CBRE has been appointed as the exclusive marketing agent for Shatec's main campus building at Bukit Batok Street 22. The four-storey property is reportedly listed for sale at $18 million, with its land lease expiring in 2051.Responding to queries from AsiaOne, Shatec's chairman Loh Lik Peng said that the institute is currently in the early stages of reviewing its long-term plans.«The sale of the building is part of Shatec's asset management strategy. As the review is still ongoing, we are unable to provide further comments,» said Loh.Shin Min reported that after an evaluation, the Shatec board concluded that the current model was no longer sustainable and made the difficult decision to begin winding down operations from April 1.  Read more