Keppel Corp has proposed to sell its indirectly owned Keppel Bay Tower, an office building located in HarbourFront, for $657.2 million to Keppel REIT.

The transaction is expected to generate net sale proceeds of $597 million.

Keppel says it will make an estimated gain of about $14.6 million from this transaction, including fair value adjustment to be recognised in 2H 2020.

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