Allgreen Exclusive Due Diligence to Buy Seletar Mall

ALLGREEN Properties – part of Kuok Group – is the exclusive buyer for The Seletar Mall.
On the market there is a rumor that the cost could be S$520m. The Seletar Mall has a 99 years leasehold tenure and is located near the Fernvale LRT in Sengkang West. There are 87 more years to go.

FairPrice Finest, Shaw Theatres, Popular Bookstore, and Harvey Norman among others are tenants at this mall. The total area net lettable is approximately 189.500 square feet.

The suburban mall in Sengkang has a good customer base from the nearby Housing & Development Board flats (HDB), as well as private condominiums and landed home a short distance.

In September last year it was reported the owners of Cuscaden Peak Investments & United Engineers – Cuscaden Peak Investments & United Engineers – had appointed Cushman & Wakefield & JLL for finding a buyer.

Marketing agencies participated in an expressions of interest exercise. Several well-known mall owners participated in the exercise. Several parties have been shortlisted and asked to improve on their bids. Allgreen is the latest to be selected to carry out exclusive due-diligence for a prospective purchase.

Seletar Mall, opened in November 2014 has six floors of retail space including two lower basement levels. Other three lower basement floor are car parking spaces.

Allgreen’s Singapore property portfolio includes Great World Kim Seng Road as well Tanglin Mall and Tanglin Place, all located close to Orchard Road.

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Allgreen developed the Pasir Ris Mall under a partnership with Kerry Properties. The project is part of a comprehensive integrated project in Pasir Ris that also has a residential component. Kerry Properties, which is listed on Hong Kong’s stock exchange, is a subsidiary of Kuok Group. Robert Kuok founded this group.

Cuscaden Peak Investments — formerly Singapore Press Holdings prior to its privatisation May 2022 — is a fully owned subsidiary of Cuscaden Peak. Cuscaden Peak is a consortium of three investors: Hotel Properties Mapletree Investments CLA Real Estate Holdings.

Cuscaden Peak Investments bought three Nassim Road homes from a Singaporean-based palm oil producer last year for S$206.7m. The price is equivalent to S$4,500 for each square foot of land. This was a new record for land rates in the Good Class Bungalows.

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