SINGAPORE (Oct 15): Capitaland, which is in talks to jointly buy Asia Square Tower One in what could be the largest office deal to date, might see a marginal dip of between 0.9 to 0.7% in its target price now set at $4.22, according to RHB in a Oct 15 report.

BlackRock Inc, which owns this office property, has chosen Capitaland and Norgest Bank Investment Management as the “preferred bidder” for the property, with a price purportedly at $3.5 billion to $4.2 billion. This translates into a unit price of some $2,800 to $3,400 psf.

RHB values the property, which has 1.2 million sq ft in office space and 40,000 sq ft of retail space, to be worth some $3.7 billion based on average passing rent of $14 psf per month.

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