Suntec REIT divests Park Mall for $411.8m
It also inked a JV for the mall’s redevelopment.
Suntec REIT revealed that it will sell Park Mall for $411.8m, ten years after it acquired the property for $245.1m.
Park Mall is an integrated office, lifestyle and home furnishing mall situated within the Orchard Road shopping belt. Suntec REIT said that the property is more than 40 years with remaining land lease tenure of 53 years.
In conjunction with the divestment, Park Mall Investment Limited, a joint venture company of which Suntec REIT has a 30% interest, has been set up to redevelop Park Mall into a commercial development comprising two office blocks with an ancillary retail component.
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