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)