This article is from the Australian Property Journal archive
ALLGREEN Properties has made a further play into retail market by purchasing the Seletar Mall in Singapore’s northern neighbourhood area for USD $412 million.
Allgreen, owned by billionaire developer Robert Kuok, picked up the prime mall from Cusaden Peak, jointly owned by property tycoon Ong Being Seng’s Hotel Properties, Singapore state owned Temasek Holdings; and United Engineers Limited.
Cushman & Wakefield and JLL brokered the deal.
Seletar Mall is located in Fernvale is a neighbourhood of Sengkang New Town.
Allgreen now controls five major malls in Singapore and is seen as a key in Allgreen’s diversification strategy. Kuok group’s retail portfolio also includes Great World City office, retail and serviced apartment complex and the Tanglin Mall, two key assets near the Orchard Road shopping district.
“The Seletar Mall aligns with our vision of enhancing and diversifying our presence in the retail landscape as we move into the heartlands of Singapore,” Tho Leong Chye, the firm’s managing director, said in a statement.
“Along with the upcoming Pasir Ris Mall slated for opening in the second quarter of 2024, Allgreen hopes to provide unique and exciting offerings for tenants and shoppers in the suburban centres of Singapore.”
Seletar Mall has a net lettable area of 17,602 sqm. Key tenants include NTUC FairPrice, Haidilao and Uniqlo.
The Mall serves the high-density residential areas of Sengkang and Punggol in northeastern Singapore.
SGX-listed Paragon REIT has first right of refusal on Seletar Mall but passed paving the way for Allgreen to swoop.
Retail spending in Singapore rose 1.3% in January in the past 12 months.
In a report last week, the Forbes magazine said the property was sold by Cuscaden Peak — jointly owned by tycoon Ong Beng Seng’s Hotel Properties and companies linked to state-owned Temasek Holdings — and partner Singapore-based United Engineers (a subsidiary of Chinese billionaire Zhong Sheng Jian’s Yanlord Land) to Allgreen after Paragon Real Estate Investment Trust (formerly SPH REIT) waived its option to buy the property from its sponsor.
