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Singapore's Straits Trading plans $359-mln sale of office tower
September 5, 2014 / 10:07 AM / 3 years ago

Singapore's Straits Trading plans $359-mln sale of office tower

SINGAPORE, Sept 5 (Reuters) - Singapore’s Straits Trading Co Ltd plans to sell an office building in the bustling financial district for S$450 million ($359 million), the company said on Friday.

Straits Trading, with a market value of $946 million, has business interests in tin smelting, property investment and management. It was founded in the late 19th century.

It plans to sell the 28-floor Straits Trading Building to Sun Venture group, a subsidiary of Legend Investment Holdings Ltd, a private company based in Hong Kong, the company said in a statement.

The transaction awaits the approval of Straits Trading’s shareholders.

Straits Trading said the sale was in line with its strategy to redeploy capital from high-quality, low-yielding investment properties to real estate opportunities with potentially higher returns. ($1=1.2542 Singapore dollar) (Reporting by Rujun Shen; Editing by Clarence Fernandez)

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