10 Dec '12, 7am

DBS agrees to pay $850M for stake in Marina Bay Tower in Singapore

DBS agrees to pay $850M for stake in Marina Bay Tower in Singapore

DBS Group Holdings Ltd. (DBS) agreed to buy a 30 percent stake in Singapore’s Marina Bay Financial Centre Tower 3, where the move of its headquarters was completed in October, for S$1.04 billion ($850 million) in cash. DBS, Southeast Asia’s biggest lender, will buy the stake from a joint venture of Hutchison Whampoa Ltd. (13) and Cheung Kong Holdings Ltd. (1) , it said in a statement today. The two companies are both controlled by Li Ka-shing , Asia’s richest man. Expansion by banks, including Standard Chartered Plc and Barclays Plc, are driving office demand in Singapore as the city-state emerges as Asia’s center of wealth management . Singapore’s office rent may see “meaningful recovery” in the second half of 2014 after a decline this year, according to broker property Cushman & Wakefield Inc. The transaction “could serve as a leading example showing investors are positi...

Full article: http://www.bloomberg.com/news/2012-12-10/dbs-agrees-to-pa...

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