Straits Trading

Straits Trading is selling its 999 yr leasehold Straits Trading Bldg in Battery Road for ~$450m or >$2800/psf based on ~159k sqft net lettable area. Net yield ~3%. Mkt watchers noted px is in line with current mkt values, taking into account its 999-year leasehold tenure and Grade A location in Raffles Place; px wld be highest for an office blk in 6 yrs, since the record $3125/psf achieved for 71 Robinson Rd in Apr'08.