Straits Trading to sell office building for $450m: Reuters

The buyer is from overseas.

Tin smelting and property investment and management company Straits Trading is planning to redeploy capital from high-quality, low-yielding investment properties to real estate opportunities with potentially higher returns.

To achieve this, the company announced that it plans to sell an office building in the bustling financial district for S$450 million ($359 million), a report by Reuters says.

Straits Trading 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.