Cuscaden Peak Investments has made the decision to put the Clementi Mall, located in Singapore, on the market. The asking price for the suburban, mid-range shopping hub is expected to be around S$750 million, as per sources privy to the matter.
The Clementi Mall is a bustling hub of activity, featuring a six-storey retail podium along with a basement level. The mall is home to approximately 160 tenants, providing a wide range of services and products to meet various consumer needs. A key selling point for the commercial property is its direct link to the Clementi MRT station, which attracts an impressive footfall of around 300 million visitors annually.
The rumored sale is reportedly a part of Cuscaden Peak Investments’ larger business strategy of portfolio optimization and capital recycling.
The mall’s current asking price represents an increase of about 15% compared to its previous valuation of approximately $645 million in December of the previous year.
To streamline the sale process, two renowned real estate service providers, Cushman & Wakefield and Savills, have been appointed.
Cuscaden Peak Investments, the current owner of the mall, is a wholly-owned subsidiary of Cuscaden Peak. The latter, a consortium, was initially founded by Hotel Properties Ltd (HPL), CLA Real Estate Holdings of CapitaLand, and a Mapletree Investments unit.
In 2022, this consortium made headlines by acquiring Singapore Press Holdings (SPH), which included The Clementi Mall within its portfolio. The mall was a part of SPH Real Estate Investment Trust and was later rebranded as Paragon Reit.
Over time, HPL chose to exit the consortium. Subsequently, Paragon Reit underwent privatization in April and was delisted in June.
What is the estimated value of the Clementi Mall?
The current asking price for the Clementi Mall is around S$750 million, which is a 15% increase from its valuation in December of the previous year.
Who are the managers appointed for the sale of the mall?
Real estate service providers Cushman & Wakefield and Savills have been tasked with managing the sale of the mall.
Who are the current owners of the Clementi Mall?
The Clementi Mall is currently owned by Cuscaden Peak Investments, a subsidiary of Cuscaden Peak.
