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Robert Kuok’s Allgreen in Talks to Buy Singapore’s Seletar Mall

Robert Kuok’s Allgreen in Talks to Buy Singapore’s Seletar Mall

A Singapore developer controlled by the family of Shangri-La Hotel founder Robert Kuok is in talks to acquire a shopping centre in northeastern Singapore from a joint venture between Temasek Holdings-backed Cuscaden Peak and Yanlord Land’s United Engineers Ltd (UEL) unit.

Allgreen Properties, part of the Kuok Group headed by Malaysia’s richest man, is in exclusive due diligence to purchase the 188,000 square foot (17,466 square metre) Seletar Mall in the Sengkang area, market sources told Mingtiandi this week, confirming a Business Times account which indicated a S$520 million ($387 million) price point for the discussions.

Robert Kuok’s Allgreen in Talks to Buy Singapore’s Seletar Mall  Mingtiandi

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.