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SINGAPORE PROPERTY

Indonesian tycoon Sukanto Tanoto’s eldest son buying Singapore retail assets: sources

Private vehicle linked to Andre Tanoto said to have picked up Lian Beng’s four big HDB units, is in due diligence for i12 Katong and batch of 11 retail units put on the market by Mercatus

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Kalpana Rashiwala

Kalpana Rashiwala

Published Thu, Jan 15, 2026 · 09:33 PM
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    • Altallo has been doing due diligence on the i12 Katong mall, at the corner of East Coast and Joo Chiat roads.
    • One of the four big-format retail units sold by Lian Beng is a 23,960 sq ft space at 192 Toa Payoh Lorong 4.
    • Altallo has been doing due diligence on the i12 Katong mall, at the corner of East Coast and Joo Chiat roads. PHOTO: BT FILE
    • One of the four big-format retail units sold by Lian Beng is a 23,960 sq ft space at 192 Toa Payoh Lorong 4. PHOTO: BT FILE

    [SINGAPORE] A new private investment vehicle said to be backed by Andre Tanoto has been quietly acquiring retail assets in recent months.

    The vehicle, associated with Altallo Asset Management, is said to have completed in December the purchase of four large-format Housing & Development Board (HDB) retail units in Bukit Merah Central and near the Toa Payoh, Ang Mo Kio and Clementi MRT stations. The total price is said to be in the S$160 million-plus range.

    The units were sold by Lian Beng Group, which acquired them at S$151 million in 2016.

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