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Allgreen Properties, a developer controlled by billionaire Robert Kuok, has completed the purchase of the Seletar Mall, situated in the northeastern region of Singapore, for US$412 million (RM1.93 billion).
According to a report by Forbes magazine last week, the property was sold by Cuscaden Peak, jointly owned by tycoon Ong Beng Seng’s Hotel Properties and entities linked to state-owned Temasek Holdings, along with partner Singapore-based United Engineers (a subsidiary of Chinese billionaire Zhong Sheng Jian’s Yanlord Land), to Allgreen. This transaction occurred after Paragon Real Estate Investment Trust (formerly SPH REIT) decided not to exercise its option to acquire the property from its sponsor.
The suburban mall, with a net lettable area of 189,467 square feet (17,602 square meters), caters to the densely populated residential neighborhoods of Sengkang and Punggol in northeastern Singapore. Cushman & Wakefield and JLL, the brokers for the deal, revealed in a joint statement, as cited by Forbes, that the property is fully leased and boasts key tenants such as NTUC FairPrice, Haidilao, and Uniqlo.
This acquisition marks a diversification of Allgreen's asset portfolio, which already includes the Great World City office, retail, and serviced apartment complex, as well as Tanglin Mall, both situated near Singapore's Orchard Road shopping district.
Against the backdrop of a rebound in retail spending, which recorded a 1.3% increase in January compared to the previous year, Allgreen is expanding its retail presence.
Allgreen, the privately held real estate arm of the Kuok group, has been increasing its investments in Singapore, known as a haven for the world's wealthiest individuals and home to over 1,000 family offices globally.
Currently, the company is developing Pasir Ris 8, an integrated residential and shopping mall complex adjacent to the Pasir Ris transport hub in the easternmost part of Singapore.
Robert Kuok, aged 100, with a net worth of US$11.4 billion, holds the title of the wealthiest individual in Malaysia. He has interests spanning commodities, real estate, and shipping.
Source from The Edge Malaysia
