KUALA LUMPUR: Allgreen Properties, a company controlled by Malaysia's richest man, Tan Sri Robert Kuok has purchased Seletar Mall in Singapore for S$412 million (RM1.93 billion).
According to a recent Forbes report, the mall was sold by Cuscaden Peak and Singapore-based United Engineers.
Cuscadean Peak is a company jointly owned by tycoon Ong Beng Seng's Hotel Properties and companies linked to Temasek Holdings, while United Engineers is a subsidiary of Chinese billionaire Zhong Sheng Jian's Yanlord Land.
The 100 per cent leased Seletar Mall has a net lettable space of 189,467 sq ft and serves residential areas including Sengkang and Punggol. Its tenants include NTUC Fair Price, Uniqlo, and Haidilao.
The report said the acquisition of the mall will diversify Allgreen's asset base in Singapore which already includes the Great World City mixed development and Tanglin Mall, both located near Orchard Road.
Allgreen has been expanding its retail footprint and has increased its investments in Singapore.
The company is in the process of developing Pasir Ris 8, a mixed development connected to a transport hub in the east of Singapore.