M+S Pte Ltd will sell the office and retail areas of the Duo complex for S$1.575 billion, or S$2,570 per square foot of net lettable area.
The sale – to Allianz Real Estate and Hong Kong private equity firm Gaw Capital Partners – comprises Duo Tower, an office block with 570,000 sq ft of prime Grade-A commercial space, and Duo Galleria, with 56,000 sq ft of retail space.
But Andaz Singapore – a Hyatt-branded luxury hotel that occupies the top 15 floors of Duo Tower – will remain in M+S’s hands. The Duo development, which sits on land with a 99-year lease, also includes 660 apartments.
The developer also continues to own the mixed-use Marina One in Marina Bay.
– Jul 30, 2019