Sun Venture Group pays $360m for Singapore office
Singapore-based real estate developer and investor Sun Venture Group has paid S$450 million, or S$2,252 per square foot ($360.21 million/$1,802 per square foot), for the Straits Trading Building in Singapore. The seller was Straits Trading Co.
The sale is part of Straits Trading Co.’s strategy of redeploying its capital from its portfolio of high-quality, but low-yielding investment properties into potentially higher return real estate opportunities.
“The monetization of the Straits Trading Building is a significant step to unlock value from our property assets and transform our real estate business into an engine of growth,” said Chew Gek Khim, executive chairman of Straits Trading,