neptune orient lines building singapore

NOL Employees Left Scratching their Heads, Office Building to be Sold

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July 2, 2012

NOL’s office building in Singapore

SINGAPORE (Dow Jones) –Container shipper Neptune Orient Lines Ltd. (N03.SG) said Monday it plans to sell its headquarters building in Singapore to raise funds for strategic investments.

In a statement, NOL said it has appointed real-estate consultancy Jones Lang LaSalle to market the 26-floor building, located at Alexandra Road in southern Singapore. The company hasn’t yet set a reserve price for the sale, and didn’t specify a time frame for the planned sale.

NOL, which has about 500 staff in the building, will put off a decision on whether to relocate its employees or remain in the building as a tenant until a buyer is identified.

– Chun Han Wong, Dow Jones Newswires

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