| SINGAPORE : Singapore Airlines has sold its namesake SIA Building on Robinson Road for S$344 million.
The price works out to some $1,165 dollars per square foot.
The new owner is TSO Investment - a unit of a real estate fund managed by CLSA Capital Partners.
SIA Building is a 35-storey office tower with a net floor area of some 295,000 square feet.
Analysts say the building has a book value of nearly $119 million.
SIA does not consider the building, which it redeveloped in 1997, as part of its core business.
It says the decision to sell is part of a regular review of the airline's non-core assets.
SIA says it will use proceeds from the sale for investment and growing the company and its subsidiaries.
The sale is expected to be completed in eight weeks.
- CNA /ls
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