Menara Stanchart up for sale?

The Government of Singapore Investment Corp Real Estate is believed to have approached several Malaysian property agents for the possible sale. SINGAPORE's real estate investment arm plans to sell Menara Standard Chartered at Jalan Sultan Ismail here for about RM300 million, seven years after it bought the property, sources said.The Government of Singapore Investment Corp Real Estate (GIC RE) is believed to have approached several local property agents for the possible sale."They are looking for a yield of about six per cent which works out to about RM950 per sq ft. They should not settle for any less than RM900 per sq ft for the building and in that location," a property agent said.Based on a nett lettable area of 321,000 sq ft, the building could be sold for between RM289 million and RM305 million. Read more

(New Straits Times 2-4-2008)