The Clementi Mall in Singapore is up for sale, with owner Cuscaden Peak Investments seeking about S$750 million, according to industry sources cited by The Business Times.
The suburban, mid-market shopping centre features a six-storey retail podium plus a basement level houses around 160 tenants. It is directly connected to the Clementi MRT station and boasts a foot traffic of 300 million visitors yearly.
Sources said the planned divestment forms part of the company’s portfolio optimisation and capital-recycling strategy.
The mall’s current asking price is about 15 per cent higher than its valuation of around $645 million as of December last year.
Cushman & Wakefield and Savills have been appointed to manage the sale.
Cuscaden Peak Investments is a wholly-owned subsidiary of Cuscaden Peak, a consortium originally made up of Hotel Properties Ltd (HPL), CapitaLand’s CLA Real Estate Holdings, and a Mapletree Investments unit.
The consortium acquired Singapore Press Holdings (SPH) in 2022, taking ownership of The Clementi Mall, which was then part of SPH Real Estate Investment Trust and later renamed Paragon Reit.
HPL has since left the consortium while Paragon Reit was privatised in April and delisted in June.
