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SPH REIT has completed the acquisition of The Rail Mall from Pulau Properties for $63.238 million, according to an SGX filing on Thursday (28 June).
The consideration is based on Edmund Tie & Co’s “as-is” property valuation of $62.9 million.
Moreover, the buyer has appointed SPH Retail Property Management Services as the retail strip’s property manager until 23 July 2023, or earlier if the agreement is terminated.
The Rail Mall houses a total of 95 private carpark lots and 43 single-storey shops, with a total net lettable area of around 50,000 sq ft. The property’s 99-year leasehold tenure started in March 1947.
Aside from being a short walk from one of the key access points to the Rail Corridor, it is also close to Hillview MRT station and is well served by a network of public bus services. The property also has a 360m prominent frontage along Upper Bukit Timah.
Previously, the trust’s manager said in April that aside from boosting SPH REIT’s current F&B offerings, the retail strip will complement its existing portfolio of quality income-producing retail properties like Paragon and The Clementi Mall.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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