Singapore’s Chinatown Point Mall has been sold to a subsidiary of Pan Asia Realty Advisors, for S$520 million (US$383.28 million). The joint-venture, including Mitsubishi Estate and CLSA Real Estate Partners, will also acquire four accompanying strata office units in the office tower element of the project.
Perennial Real Estate Holdings and a consortium of investors including Singapore Press Holdings (SPH) have agreed to sell their entire interests in the retail complex. The consortium will receive S$225 million in cash for their shares in the company holding the assets as well as for assignment of shareholder loans.
Perennial, which holds a 50.64 per cent stake is expected to receive approximately S$125.3 million of that amount, subject to final adjustments. ‘The transaction is a testament to Perennial’s ability in identifying quality assets, creating value via enhancement initiatives, and ultimately unlocking value via divestment for all stakeholders,” said Pua Seck Guan, Perennial CEO.
