Company confirms discussions on possible sale of Straits Trading Building

THE Straits Trading Company issued a statement on Tuesday that it is in discussions with a potential buyer in connection with a possible transaction with regard to the Straits Trading Building. "Discussions are on-going and there is no certainty whatsoever that these discussions will result in any definitive agreement or transaction," said the company.

The clarification was in response to an article printed in BT on Tuesday. It was reported that "advanced discussions" are believed to be going on for the building, which is a 999-year leasehold office tower in Battery Road.

The buyer is believed to be an overseas party from Asia. Based on the reported price of slightly above S$2,800 per square foot (psf) based on the net lettable area of about 159,000-plus square feet, this translates to a transaction amount of about S$450 million.