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Suntec Reit divests Park Mall for S$411.8 million
SUNTEC Real Estate Investment Trust (Reit) is selling Park Mall for S$411.8 million, said ARA Trust Management (Suntec), the manager of Suntec Reit on Friday.
Suntec Reit acquired Park Mall, which is an integrated office, lifestyle and home furnishing mall situated within the Orchard Road shopping belt, in 2005 for S$245.1 million. The property is more than 40 years, with a remaining land lease tenure of 53 years.
In conjunction with the divestment, Park Mall Investment Limited, a joint venture company of which Suntec Reit has a 30 per cent interest, has been set up to redevelop Park Mall into a commercial development comprising two office blocks with an ancillary retail component.