Sources say that CapitaCommercial Trust could be very close to selling StarHub Centre, a 10-storey commercial building at Cuppage Road. The centre is valued at $268 million at end-December 2009.

GuocoLand, which is near Somerset MRT Station, will probably be the frontrunner for the property. After an expression of interest for the property closed last month, it was one of the parties shortlisted to do due assiduousness.

As per the media reports, a cash call was announced Friday by the commercial real estate investment trust CapitaCommercial Trust (CCT) to raise nearly $828.3 million.

It has been learnt that at a price of 59 cents a piece, CCT unitholders can subscribe for one new unit in CCT for every existing unit held.

Ms Lynette Leong, chief executive of the trust's manager CCT Management informed that CCT's gearing would be reduced by the rights issue to the low end of their target gearing range of 30 per cent to 45 per cent through property market cycles.