Two malls in Singapore could be sold, with discussions underway for both White Sands and i12 Katong.
The deals come shortly after the sale of Paragon Mall on Orchard Road.
The White Sands site in Pasir Ris is poised to be bought by TE Capital Partners from Frasers Centrepoint Trust for “at least” S$470 million (US$369 million), according to reports from industry news outlet Mingtiandi.
The five-storey, 240,371sqft mall was signed under a 99-year leasehold agreement in 1993.
Meanwhile, another mall in Singapore looks poised to go under the hammer, with asset managers Keppel confirming that it has entered into an agreement to divest its 100 per cent stake in i12 Katong, East Coast Road, for around S$372 million.
The prospective buyer, Atallo Holdings, would purchase the mall in cash. Keppel said the 211,950sqft space currently has a 96 per cent retail occupancy rate.
“When completed, the transaction will unlock substantial cash that can be reinvested in higher-return opportunities aligned with the New Keppel, while allowing us to reduce debt and also reward our shareholders,” Lee Kok Chew, head of Keppel’s ‘accelerating monetisation task force’, said.
Since embarking on its asset monetisation programme in October 2020, Keppel said it has announced about S$14.9 billion in total asset monetisation, including the i12 transaction.
