Gaw Capital, Allianz in talks to buy Duo office, retail space for over S$1.5b

Singapore

A GAW Capital Partners-led consortium that is expected to include Allianz Real Estate is negotiating to buy the office and retail space at the Duo project in the Bugis area.

The Business Times understands that a deal has yet to be inked. The pricing being discussed is expected to be shy of S$2,600 per square foot for the total net lettable area (NLA) of about 615,000 sq ft for the office and retail space.

Assuming the pricing comes in at, say, S$2,570 psf, the absolute price would work out to S$1.58 billion.

The mixed development also includes the 342-room Andaz Singapore hotel, for which separate negotiations are still ongoing for a sale to RB Capital, BT understands.

The Duo project was developed by M+S Pte Ltd, a 60:40 joint venture between Malaysia's Khazanah Nasional and Singapore's …