CapitaLand explains why it exited Asia Square negotiations

Singapore

CAPITALAND on Wednesday implied that it had earlier bowed out of negotiations to buy the Asia Square Tower 1 office building because the property did not fit with its group strategy, and its yields did not meet requirements.

At its results briefing, CapitaLand Singapore CEO Wen Khai Meng said: "Whether it's Asia Square or any (other) opportunities, when we look at them, we judge them according to two criteria: whether it fits in with our strategy, and whether the return profile of the project meets our requirements.