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Singapore-listed SingHaiyi Group announced Tuesday (22 December) that it has completed the acquisition of Park Mall on Orchard Road for S$391.2 million.
The acquisition was made through Park Mall Investment Ltd’s wholly-owned subsidiary Park Mall Pte Ltd’s—a joint venture (JV) comprising Phoenix 99 (PPL), Haiyi Holdings Pte Ltd (HHPL) and Suntec (PM) Pte Ltd (SPL). PPL and HHPL each holds a 35 percent stake in the JV entity while SPL owns the remaining 30 percent interest.
Meanwhile, the group’s SingHaiyi Development Pte Ltd has been appointed by the JV to redevelop Park Mall.
The commercial development will be redeveloped into a new mixed-use development comprising Grade A office spaces, ancillary retail spaces at the ground level and covered parking facilities.
In a press statement dated 22 December, SingHaiyi said “the group has the right to acquire one office block and the right of first refusal to acquire the retail podium while the Suntec Real Estate Investment Trust (Suntec REIT) has the right to acquire one office block.”
Image Source: Park Mall website.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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