Wednesday, April 23, 2014   




DBS buys S$1b stake in tower from Li firms

Tuesday, December 11, 2012

Li Ka-shing's listed firms, Cheung Kong (Holdings) (0001) and Hutchison Whampoa (0013), will sell a 30 percent stake in a commercial tower in Singapore's Marina Bay area for S$1.035 billion (HK$6.56 billion).

Singapore bank DBS Group will pay for the stake in Marina Bay Financial Centre Tower 3, where the headquarters of Southeast Asia's largest bank by assets is based.

Cheung Kong executive director Justin Chiu Kwok-hung said the group has long developed close ties with DBS through various strategic developments and projects.

Chiu said the group will continue to develop different properties in Singapore, including residential, commercial and retail developments.

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Since the building opened last year, DBS has taken 18 floors of the 40-story office tower in the city-state's core financial zone, which covers around 600,000 square feet of office space. DBS has the option to buy an additional 3.3 percent stake in the tower for S$115 million.

"The decision to acquire a stake in our headquarters in MBFC Tower 3 enables us to better manage our occupancy costs in the long term," said DBS chief executive Piyush Gupta.

The tower is part of the MBFC complex, which consists of three office buildings, two residential towers and a shopping mall. KAREN CHIU


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