Keppel divests i12 Katong mall for S$372 million

[SINGAPORE] Keppel has entered into a conditional agreement to divest its entire interest in East Coast area mall i12 Katong for around S$372 million, the company said on Wednesday (Apr 22).

Keppel is selling 100 per cent of its shares in PRE 1 Investments, which holds the property indirectly through Katong Retail Trust (KRT), the group’s real estate division.

Keppel’s statement confirms a BT report in January that said an entity linked to Altallo Asset Management was in due diligence for the acquisition, at a price of around S$370 million.

Altallo, incorporated last year with the primary business activity of fund management, is owned by Roger Tan and Seah Jun Hao.

Located at 112 East Coast Road, the five-storey suburban retail mall has three basement levels and spans a total net lettable area of 211,950 square feet. The property was jointly marketed by Savills Singapore and Cushman and Wakefield.

The buyer, Altallo Holdings, will pay the total sum in tranches, comprising S$30,000 for the i12 shares and the repayment of a S$372 million loan extended to KRT by another Keppel subsidiary.

Lee Kok Chew, head of Keppel’s Accelerating Monetisation Task Force, said the deal will unlock “substantial cash” to be reinvested to higher-return opportunities aligned with the New Keppel, while allowing the company to “reduce debt and also reward shareholders”.

The transaction is expected to be completed in the second quarter of 2026.

i12 Katong was put on the market around November 2025, with a guide price of S$380 million, BT understands.

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This is down from the nearly S$470 million price tag previously in an expression-of-interest exercise reported The Business Times earlier in January.

Its tenants include Cold Storage Fresh, Golden Village and SG Hawker, and had a committed occupancy of about 96 per cent as at end-January this year.

Keppel embarked on its asset monetisation programme in October 2020 and has since announced about S$14.9 billion in total asset monetisation, including its latest transaction.

Shares of the asset manager were trading 0.5 per cent or S$0.06 higher at S$12.05, as at 1.17 pm.