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Report: CapitaLand associate acquiring office space in Singapore tower

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Report: CapitaLand associate acquiring office space in Singapore tower

An associate of Singapore's CapitaLand Ltd. is acquiring the office space in the 28-story PLUS building at 20 Cecil Street in the city-state from a fund led by Hong Kong's Fullshare Holdings Ltd., The Business Times reported Sept. 30, citing sources.

The price of about S$2,320 per square foot for the current transaction is lower than what Fullshare paid for the space in 2017. The building, which was previously known as GSH Plaza, is located on a site with a remaining leasehold tenure of nearly 69 years.

The CapitaLand associate is said to be acquiring the office space with Switzerland-based private equity firm Partners Group Holding AG as a stakeholder. Taking into account assumed strata office space, the proposed deal is expected to come to about S$530 million, the publication reported.

According to its website, PLUS consists of 26 floors of offices and two floors of convenient amenities.

As of Sept. 27, US$1 was equivalent to S$1.38.