CapitaLand sells 50% stake in Chevron House for over S$366m

CapitaLand has sold its entire 50 percent stake in Chevron House for over S$366 million.

When the deal is done, the property developer will book a gain of S$151 million on the investment.

Chevron House is an office building in the banking and financial district of Raffles Place.

It was formerly known as Caltex House.

CapitaLand has been taking advantage of the buoyant office property market to divest its interest in several commercial buildings.

Another of its property, Hitachi Tower, is also said to be up for sale. – CNA/ms

Source : Channel NewsAsia – 30 Aug 2007

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