CDL sells Commerce Point for US$132m

CDL sells Commerce Point for US$132m


SINGAPORE – Singapore’s City Developments confirmed on Friday that it has entered into an agreement to sell an office building for S$180.7 million (US$132 million) to Pioneer Panda Pte Ltd.


The completion of the sale for the 19-storey building, called Commerce Point, is scheduled to take place on July 3, CityDev said in a statement.


‘The above transaction is in line with the Group’s continuous review and evaluation of its existing asset portfolio,’ it said.


Singapore‘s Business Times newspaper reported on Friday that CityDev had sold the property to Morley Fund Management, part of the Aviva Group. — REUTERS


Source: Business Times

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