Allgreen to conduct due diligence to purchase Seletar Mall

ALLGREEN Properties of the Kuok Group is exclusive in its due diligence for The Seletar Mall.
Market rumours suggest that the price may be as high as S$520 million. The Seletar Mall in Sengkang West is located next to Fernvale LRT, with a 99 year lease tenure starting April 2012. There are still 87 years left.

FairPrice Finest is one of the tenants in the mall. Other tenants include Shaw Theatres and Popular Bookstore.

Customers from nearby HDB apartments, private condos, and landed houses are a major source of customers for the suburban shopping center in Sengkang.

The owners of the mall, Cuscaden Peak Investments & United Engineers, were reported to have appointed Cushman & Wakefield & JLL in order to find a purchaser for the fully occupied property.

Allgreen’s Singapore retail portfolio includes Great World at Kim Seng Road, Tanglin Malls and Tanglin Place. All three are close to Orchard Road’s prime shopping belt.

A marketing agency conducted an expression-of-interest exercise. Mall owners from well-known brands participated in this exercise. Several parties were selected to improve their offers and sharpen pencils. Allgreen, the final candidate to perform exclusive due diligence in a possible purchase, was recently chosen.

Seletar Mall has six levels including two basement floors. The three other lower basement floors have car parking.

Allgreen has formed a joint venture to develop the Pasir Ris Mall in Pasir Ris, which will be part of an integrated development project, including a residential component, that is being developed by Kerry Properties. Kerry Properties, listed in Hong Kong, is also part of the Kuok Group. Robert Kuok, a Malaysian tycoon, founded the group.

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Cuscaden Peak Investments is the wholly owned subsidiary, or Singapore Press Holdings (before its privatisation on May 20, 2022), of Cuscaden Peak. The consortium is made up of Hotel Properties and Mapletree Investments as well as CLA Real Estate Holdings.

Cuscaden Peak Investments has sold three Nassim Road houses to a Singaporean palm oil company listed on the Singapore Stock Exchange for S$206.7million. The price was S$4,500/square foot of land, which is the highest land rate ever in the Good Class Bungalows market.

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