DIGIVESTASI - Malaysian conglomerate Robert Kuok bought a shopping center in Singapore for $412 million. We bought "Seletar Mall" in the northeastern part of Singapore. The purchase was made through his company, Allgreen Properties. 

The net area of the shopping center is 17,602 square meters. Seletar Mall is located in the suburbs, serving the residential areas of Sengkang and Punggol in northeast Singapore. Based on a Forbes report quoted on Monday (November 3, 2024), Cascaden Park Shopping Center owned by tycoon Ong Beng Seng in collaboration with several companies under Temasek Holdings and United Engineers and has been sold. Chinese billionaires Yanlord Rand. Zhong Sheng Jian.

The statement of agreement said Cushman & Wakefield and JLL brokered the purchase agreement. The property is a 100% rental property. Major tenants include NTUC FairPrice, Haidilao, and Uniqlo. "Suburban malls have been particularly strong since COVID-19, with most malls fully occupied and high rental yields," said Sean Poe, managing director of capital markets at Cushman & Wakefield.

He believes this strong bid is a testament to investor interest in high-quality commercial properties. In addition, the acquisition will diversify Allgreen's assets. The company is increasing its retail operations as retail spending recovers, with retail spending increasing 1.3% in January compared to a year ago.

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