Singapore’s City Developments to sell office complex stake for $646 million
Representative Image BENGALURU: Singapore-listed City Developments Ltd said on Wednesday that it will sell its entire 50.1% stake in one of its office complexes in the city-state to Malaysia’s IOI Properties for S$834.2 million ($646.37 million). The South Beach complex in a central business district in Singapore includes retail space, a 34-storey office tower, and a 45-storey building housing a JW Marriott Hotel. Upon completion of the deal, expected by the third quarter of the year, IOI Properties will become the sole owner of the commercial components of the South Beach complex, City Developments said in a statement. The deal…