DBS

DBS / office property: said it will pay $1.035b for a stake in Marina Bay Financial Center Tower 3, where the bank's headquarters is located. DBS is acquiring a 30% stake in Central Boulevard Development Pte. Ltd., the developer of the Marina Bay office complex, from a JV of Hong Kong billionaire Li Ka-shing's Hutchison Whampoa (0013.HK) and Cheung Kong (0001.HK). DBS says, the decision to acquire the stake enables it to better manage its occupancy costs in the long-term. The office property transaction may spur interest in office property plays in Spore. Of note, Keppel Land has been seeing good momentum, trading around its 52 wk highs.