Seletar Mall Singapore: Allgreen Properties Makes Strategic Acquisition
This blog post explores the recent acquisition of Seletar Mall Singapore by Allgreen Properties, highlighting its significance for the retail sector and Singapore’s real estate landscape.
Seletar Mall Singapore Acquisition: A Boon for Suburban Retail
In a move underscoring the resilience of Singapore’s retail market, Allgreen Properties, the property development arm of the Kuok Group, has acquired Seletar Mall Singapore for S$550 million (approx. $410 million). This strategic expansion by Allgreen signifies its confidence in suburban malls as Singapore’s retail scene recovers post-pandemic.
Key Details of the Seletar Mall Acquisition
- Buyer: Allgreen Properties
- Property: Seletar Mall Singapore
- Location: Northeastern Singapore
- Purchase Price: S$550 million (approx. $410 million)
- Seller: Joint venture of Cuscaden Peak and United Engineers Ltd (UEL)
Seletar Mall: A Look at the Property
Spanning six floors with a net lettable area of approximately 17,600 square meters, Seletar Mall Singapore is situated in the Fernvale area. Its prime location at the intersection of Fernvale Road and Sengkang West Avenue offers direct access to the Fernvale MRT station, catering to families and shoppers in Sengkang and Punggol neighborhoods.
Strategic Vision and Green Focus for Seletar Mall
Tho Leong Chye, Allgreen’s Managing Director, emphasized the acquisition aligns with their vision of expanding their retail presence. Allgreen aims to deliver exciting offerings for tenants and shoppers in Singapore’s suburban areas. Additionally, Allgreen plans to pursue Green Mark certification for Seletar Mall, reflecting their commitment to sustainable development.
Current Tenant Mix and Future Potential
Seletar Mall boasts a fully leased space with a diverse tenant mix, including:
- NTUC FairPrice: A prominent supermarket chain
- Haidilao: A popular hotpot restaurant
- Harvey Norman: An Australian retailer specializing in housewares and electronics
The S$2,900 per square foot price paid by Allgreen demonstrates their confidence in Seletar Mall’s potential and Singapore’s retail market’s long-term prospects.
Expanding Allgreen’s Portfolio and Industry Standing
The Seletar Mall acquisition strengthens Allgreen’s existing portfolio that includes the Great World complex and Tanglin Mall in Orchard Road. Furthermore, Allgreen is gearing up for the launch of the Pasir Ris Mall project on the upper east coast.
Conclusion: A Promising Future for Seletar Mall and Allgreen
As Singapore’s retail scene rebounds, Allgreen’s acquisition of Seletar Mall positions them for significant growth in Singapore’s heartlands. With the backing of billionaire Robert Kuok, Allgreen Properties remains a prominent player in Singapore’s real estate landscape.
References:
- Mingtiandi: Robert Kuok’s Allgreen Completes Purchase of Singapore Mall
- Forbes: Billionaire Robert Kuok’s Allgreen Buys Singapore Mall For $412 Million
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