Suntec REIT sells stake in mixed-use property for $67m

Suntec REIT has sold its 30 percent stake in a mixed-use property on the site of the former Park Mall in Singapore for S$89.9 million ($67.5 million) to one of its co-developers, Haiyi Holdings Pte. Ltd.

This in addition to the 35 percent interest of Haiyi Holdings from the joint venture company Park Mall Investment Ltd., which owns the property. This purchase brings its total stake to 65 percent, while the remaining 35 percent is held by Phoenix 99 Pte. Ltd.

9 Penang Road is a 10-story, class A office property with two towers and 399,000 square feet of retail, which was redeveloped in 2019. It is 98.7 percent occupied, and the two office towers are fully leased to a global financial institution, UBS AG.