Allgreen Properties in exclusive due diligence to buy Seletar Mall

ALLGREEN Properties, part of the Kuok Group, is in exclusive due diligence to buy The Seletar Mall, The Business Times understands.

Word in the market is that the price could be about S$520 million. Located next to Fernvale LRT station in the Sengkang West area, The Seletar Mall is on a site with 99-year leasehold tenure from April 2012; this leaves a balance of about 87 years.

FairPrice Finest, Shaw Theatres, Popular Bookstore and Harvey Norman are among the tenants at the mall, which has a total net lettable area of about 189,500 sq ft. The suburban shopping centre in Sengkang is supported by a strong customer catchment from the surrounding Housing & Development Board (HDB) flats as well as private condos and landed homes a short distance away.