The Clementi Mall in Singapore has been sold by Cuscaden Peak Investments to The Elegant Group for S$809 million.  

The Elegant Group, linked to entrepreneur Zhao Zhichao, has a portfolio of five malls in Singapore, and six properties in Sydney.

The final figure is 8 per cent higher than the guide price from August, according to the Business Times.

The Clementi Mall’s site has a 99-year lease, which began on August 31, 2010. Cuscaden Peak Investments described it as a six-storey retail development, with around 191,000sqft of retail space. It is connected to Clementi MRT Station and bus interchange.

Cushman & Wakefield and Savills brokered the sale of the mall, receiving 12 responses to an expression of interest request, which closed on October 3.