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Report: CapitaLand Commercial, others target Singapore office, retail asset

Several parties, including office landlord CapitaLand Commercial Trust, are interested in acquiring the 39-story Duo Tower office building and the connected Duo Galleria shopping plaza in Singapore, Bloomberg News reported, citing people familiar with the matter.

The property, which is owned by M+S Pte. Ltd., could be valued at more than S$1.5 billion, the news outlet added, citing one of the unnamed sources. M+S is a joint venture between Malaysian sovereign fund Khazanah Nasional Bhd. and Singapore state investment firm Temasek Holdings (Pte.) Ltd.

Tenants at Duo Tower, which offers 568,000 square feet of grade-A office space, include Abbott Laboratories, Chevron Corp. and Mastercard Inc., while the shopping plaza encompasses 56,000 square feet of retail and restaurant space.

The project owner is separately looking to sell the hotel portion of the development in a transaction that could bring in up to S$500 million, Bloomberg added, citing the sources.

The news outlet could not obtain a comment on the matter from an M+S representative.

As of March 15, US$1 was equivalent to S$1.35.