A Singapore-based bank is selling a landmark 28-floor office building near Raffles Place. The sale will lead to a hefty boost to profits.
DBS is selling the PwC building at Cross Street to a unit of Manulife Financial Group in a deal which values the skyscraper at S$774 million, Singapore newspaper «Today Online» reported online on Friday.
The bank is selling its equity interest in DBS China Square, which owns the 1999-built property, for S$358 million. The Manulife subsidiary will repay a shareholder's loan of S$402.6 million to DBS as well
The sale, expected to be completed next month, will add roughly S$350 million to DBS's results, the bank said. The bank is due to report full-year results on Thursday.
