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

The intending buyer is a private investor, BT understands

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Kalpana Rashiwala

Kalpana Rashiwala

Published Fri, May 31, 2024 · 07:59 PM
    • The Rail Mall is on a site sold by the state with 99-year leasehold tenure from March 1947; this leaves a balance of about 21 years and nine months.
    • The Rail Mall is on a site sold by the state with 99-year leasehold tenure from March 1947; this leaves a balance of about 21 years and nine months. PHOTO: BT FILE

    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.

    Singapore propertyCommercial & IndustrialParagon Reit

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