Singapore-based Perennial Real Estate Holdings and a consortium of investors including Singapore Press Holdings (SPH) have agreed to sell a retail complex in the city’s Chinatown precinct for S$520 million ($383.28 million).
The new buyer is a subsidiary of Pan Asia Realty Advisors, a joint venture fund invested by Mitsubishi Estate and CLSA Real Estate Partners.
The acquisition includes the sellers’ entire interests in the 205,000-square-foot Chinatown Point Mall and an accompanying set of four strata office units in the 25-story office tower element of the project.
The global economy will enjoy further growth for the next two to three years but is now entering the late stage of the cycle, according to CBRE’s 2019 outlook report. While the fundamentals of urbanization and broad-based income growth will continue to provide a
