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DBS Group selling PwC Building to Manulife

The deal values the 28-storey office block at S$747 million or S$2,100 psf on net lettable area

Singapore

IN THE first transaction of an entire Singapore office building this year, DBS Group announced on Friday evening that it is selling PwC Building at 8 Cross Street to an indirect subsidiary of Manulife Financial Corp.

This confirms an earlier BT report.

The deal values the 28-storey office block at S$747 million, which works out to S$2,100 per square foot based on its net lettable area of 355,704 sq ft.

The property is on a site with a balance lease term of 78 years.

Upon completion of the sale...

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