China Life Insurance, Haitong Securities doing due diligence on One George Street

Singapore

ONE George Street, owned by CapitaLand Commercial Trust (CCT), is back in play, and The Business Times understands that two parties are carrying out due diligence on the property - China Life Insurance and Haitong Securities.

Sources told BT that CCT was prepared to consider selling only half its stake in the asset; this would enable its parent, CapitaLand, to continue to collect a fee from managing the asset.

Market watchers said that the pricing would be in excess of S$2,500 per square foot on net lettable area (NLA), or S$1.12 billion for the building. A half-stake would work out to at least S$560 million.

CCT's website puts One George Street's NLA at 447,390 square feet. The 2…