Subscribers

Sun Venture buys Straits Trading block for S$450m

Price of some S$2,800 psf said to be a 6-year high for an office block

Joyce Hooi

Published Sat, Sep 06, 2014 · 6:00 am
IT'S A DEAL Straits Trading is selling the building to unlock value and to transform its real-estate business into an engine of growth. It expects an estimated capital gain of S$39m based on the latest book value of the property and S$373.3m based on its historical cost. - PHOTO: ARTHUR LEE

Singapore

THE Straits Trading Company is selling its office tower, Straits Trading Building, to Singapore-based Sun Venture Group for S$450 million.

The announcement of the sale agreement on Friday came shortly after BT first broke news of an impending sale of the Battery Road property. BT had reported that the building owner was in advanced discussions on the sale of the building for a price of slightly above S$2,800 per square foot (psf) which, at a net lettable area of about 159,000-plus sq ft,...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes

Wealth & Investing

Australia’s First Sentier shuts A$14b of funds after growth disappoints

Investors in US stocks set to demand more dividends

Paradox of high interest rates and a resilient economy

At 5% yields, investors find it’s worth paying for actively managed bond funds again

A more reliable way to get enough investment returns

Inflation, interest rates and oil prices have jolted the markets

Breaking News

Most Popular

Purchase this article