Malaysian conglomerate Robert Kuok has made a significant investment in Singapore by purchasing the Seletar Mall for US$412 million, equivalent to Rp 6.3 trillion. The acquisition was made through his company, Allgreen Properties.
Located in the northeastern area of Singapore, the Seletar Mall spans a net lettable area of 17,602 square meters. Situated on the outskirts of the city, the mall serves the residential districts of Sengkang and Punggol in northeastern Singapore.
According to Forbes, as reported on Monday (11/3/2024), the mall was sold by Cuscaden Park, owned by tycoon Ong Beng Seng, along with several companies affiliated with Temasek Holdings, in partnership with United United Engineers, a subsidiary of Chinese billionaire Zhong Sheng Jian's Yanlord Land.
In the agreement statement, Cushman & Wakefield and JLL acted as intermediaries in the purchase deal. The property is set to be fully leased out, with major tenants including NTUC FairPrice, Haidilao, and Uniqlo.
"Suburban malls have demonstrated outstanding performance post-COVID, with full occupancy rates in most malls and strong rental returns," said Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield.
He further noted that the strong offering is evidence of investor interest in quality retail assets. Additionally, the acquisition will diversify Allgreen's portfolio.
The company is expanding its retail footprint amid a retail recovery that saw a 1.3% increase in retail sales in January compared to last year.