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

Kalpana Rashiwala

Published Fri, Feb 10, 2017 · 09:50 PM

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 (which is scheduled to take place by the end of next month), DBS is expected to book about S$350 million net profit from the transaction. The sale is also expected to result in a contribution of the same quantum to the group's consolidated net tangible assets, DBS said in a filing with Singapore Exchange after the clo…