Chinatown Point Mall Sold for $520 million

Chinatown Point Mall will be sold for $520 million on 6th June this year. Here’s what’s happening:

Nine years ago, Perennial Real Estate Holdings led a group of investors to acquire Chinatown Point Mall for $250 million; Singapore Press Holdings (SPH) was one of the group. Today, Chinatown Point Mall is being sold to Pan Asia Realty Advisors (PAR) for $520 million – a 108 per cent gain over the original price.

Chinatown Point is located within the CBD – the property is an integrated development, comprising of a retail mall and four strata office units.

This transaction fulfills the consortium’s active capital recycling strategy: to rebalance its portfolio and enhance its financial flexibility. It also maximises returns to shareholders:

“The transaction is a testament to Perennial’s ability in identifying quality assets, creating value via enhancement initiatives, and ultimately unlocking value via divestment for all stakeholders,” said Pua Seck Guan, CEO of Perennial.

The deal value includes $225 million in cash for the issued shares, as well as assignment of shareholder loans.

Perennial has the largest stake in Chinatown Point Mall, with 50.64 per cent. It expects to gain about $125.3 million, subject to final adjustments. Meanwhile, SPH expects to record gains of about $10 million.

Once the sale is complete, Perennial (Singapore) Retail Management will remain the property manager of Chinatown Point Mall. The move is not expected to affect existing tenants.

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About Maelyn Lagman

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