The 17-storey Singapore Power Building on Somerset Road has been sold.
Pacific Star Group did not disclose the price it paid but it is believed to be close to S$1 billion. The property group described the transaction as a landmark deal and one of the largest commercial real estate deals transacted in Singapore to date.
It is planning a makeover of the 30-year-old property. Part of the plans will be to introduce retail and dining space.
It currently has a total net lettable area of 550,000 square feet.
The initial makeover may involve building a double-storey glass facade along Somerset Road to help retailers maximise shop frontages.
The first phase of the building's transformation is scheduled for completion in the second half of 2009.
The building was previously jointly owned by Singapore Power and PUB. - CNA/ir
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