The prominent Clementi Mall in Singapore has changed hands, with Cuscaden Peak Investments selling the property to The Elegant Group for a hefty sum of S$809 million.
The Elegant Group, a business entity associated with entrepreneur Zhao Zhichao, is steadily expanding its portfolio. The group now boasts ownership of five malls situated in Singapore, as well as six properties located in the heart of Sydney.
Interestingly, the final transaction price of the Clementi Mall was 8 per cent more than the guide price set in August.
The Clementi Mall is no ordinary property; it occupies a site with a 99-year lease that started on August 31, 2010. The structure, as described by Cuscaden Peak Investments, is a six-storey retail development featuring approximately 191,000 square feet of retail space. The mall’s prime location and convenient access, thanks to its direct links to the Clementi MRT Station and bus interchange, make it a desirable piece of real estate in Singapore.
The sale of the Clementi Mall was brokered by renowned real estate firms, Cushman & Wakefield and Savills. They received considerable interest in the property, with 12 responses to an expression of interest request, which concluded on October 3.
Who is the new owner of the Clementi Mall?
The Elegant Group, associated with entrepreneur Zhao Zhichao, is the new owner of the Clementi Mall.
How much was the Clementi Mall sold for?
The Clementi Mall was sold to The Elegant Group for S$809 million, 8 per cent higher than the guide price from August.
What is unique about the Clementi Mall’s location?
The Clementi Mall is strategically located, being directly connected to the Clementi MRT Station and bus interchange. This makes it easily accessible, thereby increasing its desirability as a retail property.
