Suntec Reit sells Park Mall; strikes redevelopment JV
Property sold for S$411.8m; Reit takes 30% stake in JVCo
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Mindy Tan
Singapore
SUNTEC Real Estate Investment Trust is selling Park Mall to Park Mall Pte Ltd for S$411.8 million, said ARA Trust Management (Suntec), the manager of Suntec Reit, on Monday.
The 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 old, with a remaining land lease tenure of 53 years.
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