Allgreen Properties exclusive due diligence on Seletar Mall

ALLGREEN Properties (part of the Kuok Group) is conducting exclusive due diligence on The Seletar Mall.

The market has heard that the price of the mall could be around S$520m. The Seletar Mall, located in Sengkang West near Fernvale LRT Station, has a 99-year leasehold from April 2012. This leaves about 87 years.

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In September of last year, it was reported that Cuscaden Peak Investments & United Engineers had hired Cushman & Wakefield & JLL to locate a buyer for this fully-occupied property.

Allgreen, in a joint-venture with Kerry Properties is developing the Pasir Ris Mall as part of a larger integrated project that includes residential components. Kerry Properties is listed on the Hong Kong stock exchange and is a member company of the Kuok Group founded by Malaysian businessman Robert Kuok.

The tenants of the mall include FairPrice Finest and Shaw Theatres. Popular Bookstore, Harvey Norman, and Popular Bookstore. It has a net area lettable of approximately 189,500 square feet.

Marketing agencies held an exercise to gauge interest. Several mall owners with a high-profile were involved in the exercise. A few parties had been shortlisted for sharpening their pencils and improving their offers. Allgreen was selected recently as the last party to conduct exclusive due diligence on a potential acquisition.

Seletar Mall opened in November 2014. It has six retail levels, including two basement levels. Three lower basement levels are reserved for parking.

Allgreen’s Singapore portfolio of retail properties includes Great World on Kim Seng Road and Tanglin Mall, as well as Tanglin Place. All are located near the Orchard Road shopping belt.

Cuscaden Peak Investments, a Singaporean company behind a palm oil producer listed in Singapore, sold three Nassim Road Bungalows for S$206.7 Million to a Singaporean family. The price was S$4,500 a square foot, which is a record in the Good Class Bungalow Market.

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