March 27, 2008, 7.50 am (Singapore time)

CCT to buy CapitaLand building for $1.165b

SINGAPORE - South-east Asia's largest developer CapitaLand said on Thursday that it has granted CapitaCommercial Trust (CCT) an option to buy the 1 George Street office building for $1.165 billion (US$844.2 million).

CapitaLand, which owns a 30-per cent stake in CCT, a Singapore-listed office property trust, said in a statement that it expects to recognise a $47.1 million gain from the sale. -- REUTERS