The Straits Trading Company said it is in advanced talks with OCBC with regards to the redevelopment project at Specialists' Centre and Hotel Phoenix.
In a statement to the SGX on Thursday, Straits Trading said the two parties are working out arrangements for a Straits Trading special purpose vehicle to undertake the project. On completion of the project, Straits Trading will sell the special purpose vehicle to OCBC. It will then lease the new hotel-cum-retail complex on the site from OCBC for three years with an option to renew for a further three years.
The statement followed the announcement from Straits Trading earlier this month that The Cairns plans to make a general offer for Straits Trading.
The Cairns is controlled by the family of the late Tan Chin Tuan. - CNA /ls
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