Allgreen Properties, part of the Kuok Group headed by Malaysia’s richest man Robert Kuok, is reportedly in talks to acquire Singapore’s The Seletar Mall.

The talks are entering the final stages, with the price point for the discussions set at SG$520 million (US$387 million), market sources told Mingtiandi this week.

Located in the suburban area of Sengkang, The Seletar Mall belongs to a joint venture between Temasek Holdings-backed Cuscaden Peak and Yanlord Land’s United Engineers.

The mall has six levels of retail and three levels of parking with 188,000sqft of net lettable area. It is directly connected to the Fernvale LRT station.

Its major tenants include a FairPrice Finest supermarket, an NTUC Foodfare food court and a Shaw Theatres cinema. 

Allgreen retail portfolio currently includes the Great World and Tanglin Mall in the Orchard area. The company is also set to open the Pasir Ris Mall in northeastern Singapore in the second quarter.

Data from property agency Savills shows that average vacancy for suburban Singapore malls stood at 4.2 per cent in last year’s third quarter, up from 4 per cent in the three months prior.

Further reading: Turning Singapore’s suburban malls into lifestyle hubs: Straits Retail GM