The joint venture named M+S Pte Ltd will sell all the shares of its wholly owned subsidiary, Ophir-Rochor Commercial Pte Ltd, worth S$1.575 billion (RM4.7 billion) to Allianz Real Estate and private equity firm Gaw Capital Partners. Khazanah earlier this year unveiled a plan to deliver more cash to the government by pruning its stakes in non-strategic assets and dialing back its offshore presence, while Temasek posted the smallest portfolio rise in three years for 2018 as divestment value exceeded investments. The sale announced in a statement yesterday includes DUO Tower, an office block with 20 floors worth of prime Grade-A office space, and DUO Galleria, with 56,000 square feet of retail space located right outside the city-state’s financial district. M+S still owns Andaz Singapore, a 5-star hotel operated by Hyatt occupying the top 15 floors of DUO Tower as well as the 660 premium residential units. M+S also owns Singapore’s Marina One, a development comprising 1.88 million sq ft of office space with tenants including Facebook, 140,000 sq ft in retail space and luxury apartments. Owned 60:40 by Khazanah and Temasek respectively, M+S was set up in June 2011 to develop the two projects in Singapore. — Bernama