A statement from Keppel Corp on the Singapore Exchange website announced the realty mogul, Keppler Land acquisition of 22.4 per cent stake from BGG Holdings, Perennial Singapore Investment Holdings and Imagine Properties, a subsidiary of Bread Talk Group, for a value of $51.4 million.
Alpha Asia Macro Trends Fund (AAMTF) holds the remaining 77.6 percent mall stake, under the management of Alpha Investment Partners. Alpha Investment Partners also serves as a property fund management vehicle for Keppel Land.
Sengkang General and Community Hospital Sengkang EC
The Chief Executive Officer at Keppel Land was quoted saying that the company aims to focus on solidifying the mall’s position as a “lifestyle and dining destination in the east.” Shoppers at the mall should expect a unique experience according to Ang Wee Gee. He also emphasized on the fact that Keppel Land’s investment in 112 Katong was a valuable addition to Keppel Land’s realty portfolio for condos near Compass Point, One Sengkang Mall and Kopitiam Square.
Keppel Land Retail Management will manage the mall property. According to Keppel Corp, the retail manager has proven himself managing approximately 3 million square feet of retail space in his tenure. Jurong Point shopping center, Tampines One, Taimall in Taiwan and White Sands are some of the properties under the management of the retail manager. The 112 Katong is a six-storey complex near the junction of Joo Chiat and East Coast Road. Completed in November 2011, 112 Katong has a rentable space of approximately 207, 000 square feet. Space is taken up by big tenants such as Katong Market Place, Food Republic Golden Village, and a few popular eateries. The company divulged that the acquisition would not have a significant impact on the company’s physical assets or earnings for the 2016 fiscal year.3. Stamp Duty Deadline Attracts Lower Home Prices for condos near Compassvale Primary School and Nan Chiau High School.
Sengkang Sports and Recreation Centre Anchorvale Crescent EC
Another reason why the gap has narrowed is that the orchard malls have lost some of the exclusiveness, which they used to have. Some retailers that could only be found in these malls have now opened stores in some of the suburban malls too. Shoppers that used to have to go to the orchard malls can now go to the suburban ones instead. This is particularly useful for people that live closer to the suburban malls who no longer need to travel to any of the orchard ones anymore.
Sim Lian Kopitiam Square EC
Some of the mall owners have decided to revamp their shopping malls to reverse the decline in rental income and increase the number of shoppers. Although most of the refits are for orchard malls some of the suburban ones have been altered as well. For some of the malls that has made a difference, and revived their fortunes, some more than others.