SingHaiyi JV buys stake in Singapore mall for $293m
SingHaiyi Group and its partner Haiyi Holding Pte. have acquired a 70 percent stake in the Park Mall in Singapore for $292.2 million. The seller was Suntec REIT, which will own the remaining 30 percent interest.
The joint venture partners plan to redevelop the property into a new commercial building. The new building will be a mixed-use commercial development comprising office spaces with class A finishes and a lofty drop-off entrance, ancillary retail spaces at ground level, and covered parking facilities.
The property is currently a 15-story integrated office and lifestyle mall situated within the Orchard Road shopping belt. It is located next to Dhoby Ghaut MRT interchange station, a key transit hub for many commuters shuttling between the North-South line, the North-East line, and the Circle line.
The acquisition was made through Park Mall Pte., which is a wholly owned subsidiary of the joint venture company, Park Mall Investment, formed bet