Paragon Reit in advanced talks to sell The Rail Mall at shade above S$80 million: sources

PARAGON Reit is in advanced negotiations to sell The Rail Mall in Upper Bukit Timah; the price is understood to be slightly higher than S$80 million.

The single-storey strip mall, with nearly 50,000 square feet (sq ft) of net lettable area (NLA), is on a site sold by the state with a 99-year leasehold tenure from March 1947. This leaves a balance of about 21 years and nine months. The property was valued at S$62 million as at Dec 31, 2023.

The Business Times (BT) understands the intending buyer is a private investor.