Singapore-based integrated real estate fund manager ARA Asset Management Ltd has won the bid for Capital Square office tower for a stake, according to report from people familiar with the issue.
Singapore ARA is purchasing the building's 50% stake that was posted for sale last 2015 by Alpha Investment Partners.
The purchase of ARA will be executed by the end of the month, one people stated without revealing the price of the agreement.
This 16-storey office building at Raffles Place financial district close to Wallich Residence was likely to fetch around $2,500 per sqft, according to the calculate of Mr Donald Han, Managing Director of Real estate broker Chestertons.
Spread out over 388,215 sq ft, Capital Square was built by property developer Keppel Land Limited and completed in year 1998.