Allgreen Properties is the exclusive buyer of Seletar Mall
ALLGREEN Properties is part of the Kuok Group and has exclusive due diligence rights to purchase The Seletar Mall.
According to rumors on the market, the price is likely to be S$520m. The Seletar Mall sits on land with a 99-year tenure, starting in April 2012, next to Fernvale LRT. This leaves an estimated 87-year balance.
FairPrice Finest, Shaw Theatres, Popular Bookstore, and Harvey Norman are some of the tenants. The mall has an area total of 189.500 sq ft.
The suburban shopping mall in Sengkang benefits from a large customer base that includes residents of nearby HDB flats as well private condos or landed homes.
It was reported last September that Cuscaden Peak Investments & United Engineers – the owners of the mall – had appointed Cushman & Wakefield & JLL as their agents to find a new buyer for the property.
Marketing agencies carried out an expression of Interest exercise. Participants included some of the biggest mall owners. A shortlist of parties was chosen to sharpen their pencils, improve their proposals and Allgreen has recently been selected as the sole party to do due diligence exclusively for a potential sale.
Seletar Mall is a six-level shopping mall that opened in November 2014. This includes two basement floors. There are also three basement car park floors.
Allgreen’s Singapore retail real estate portfolio includes Great World, Tanglin Mall & Tanglin Place. All of these are near Orchard Road.
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Allgreen will develop the Pasir Ris Mall through a joint project with Kerry Properties as part an integrated project at Pasir Ris central that also includes a housing component. Kerry Properties listed on Hong Kong’s bourse is also a part of Kuok Group which was founded by Malaysian billionaire Robert Kuok.
Cuscaden Peak Investments was formerly Singapore Press Holdings until its privatisation in 2022. It is a subsidiary wholly owned by Cuscaden Peak. A consortium consisting of three shareholders: Hotel Properties Mapletree Investments CLA Real Estate Holdings.
Cuscaden Peak Investments last year sold three Nassim Road villas to a Singaporean couple behind a Singapore listed palm oil producer. The total price was S$206.7million. The land price was S$4,500/square feet, which was a record for the Good Class Bungalows.