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Tag: clementi

  • Singapore’s Clementi Mall Snapped Up for $809M in Record-Breaking Deal by The Elegant Group

    Singapore’s Clementi Mall Snapped Up for $809M in Record-Breaking Deal by The Elegant Group

    The prominent Clementi Mall in Singapore has changed hands, with Cuscaden Peak Investments selling the property to The Elegant Group for a hefty sum of S$809 million.

    The Elegant Group’s Expanding Portfolio

    The Elegant Group, a business entity associated with entrepreneur Zhao Zhichao, is steadily expanding its portfolio. The group now boasts ownership of five malls situated in Singapore, as well as six properties located in the heart of Sydney.

    Interestingly, the final transaction price of the Clementi Mall was 8 per cent more than the guide price set in August.

    Key Details of Clementi Mall

    The Clementi Mall is no ordinary property; it occupies a site with a 99-year lease that started on August 31, 2010. The structure, as described by Cuscaden Peak Investments, is a six-storey retail development featuring approximately 191,000 square feet of retail space. The mall’s prime location and convenient access, thanks to its direct links to the Clementi MRT Station and bus interchange, make it a desirable piece of real estate in Singapore.

    The Role of Cushman & Wakefield and Savills

    The sale of the Clementi Mall was brokered by renowned real estate firms, Cushman & Wakefield and Savills. They received considerable interest in the property, with 12 responses to an expression of interest request, which concluded on October 3.

    Questions & Answers

    Who is the new owner of the Clementi Mall?
    The Elegant Group, associated with entrepreneur Zhao Zhichao, is the new owner of the Clementi Mall.

    How much was the Clementi Mall sold for?
    The Clementi Mall was sold to The Elegant Group for S$809 million, 8 per cent higher than the guide price from August.

    What is unique about the Clementi Mall’s location?
    The Clementi Mall is strategically located, being directly connected to the Clementi MRT Station and bus interchange. This makes it easily accessible, thereby increasing its desirability as a retail property.

  • Clementi Mall Hits Singapore Market With S$750 Million Price Tag Amid Cuscaden Peak’s Portfolio Optimization Strategy

    Clementi Mall Hits Singapore Market With S$750 Million Price Tag Amid Cuscaden Peak’s Portfolio Optimization Strategy

    Cuscaden Peak Investments has made the decision to put the Clementi Mall, located in Singapore, on the market. The asking price for the suburban, mid-range shopping hub is expected to be around S$750 million, as per sources privy to the matter.

    Property Details and Background

    The Clementi Mall is a bustling hub of activity, featuring a six-storey retail podium along with a basement level. The mall is home to approximately 160 tenants, providing a wide range of services and products to meet various consumer needs. A key selling point for the commercial property is its direct link to the Clementi MRT station, which attracts an impressive footfall of around 300 million visitors annually.

    The rumored sale is reportedly a part of Cuscaden Peak Investments’ larger business strategy of portfolio optimization and capital recycling.

    The mall’s current asking price represents an increase of about 15% compared to its previous valuation of approximately $645 million in December of the previous year.

    Managing the Sale

    To streamline the sale process, two renowned real estate service providers, Cushman & Wakefield and Savills, have been appointed.

    Cuscaden Peak Investments, the current owner of the mall, is a wholly-owned subsidiary of Cuscaden Peak. The latter, a consortium, was initially founded by Hotel Properties Ltd (HPL), CLA Real Estate Holdings of CapitaLand, and a Mapletree Investments unit.

    In 2022, this consortium made headlines by acquiring Singapore Press Holdings (SPH), which included The Clementi Mall within its portfolio. The mall was a part of SPH Real Estate Investment Trust and was later rebranded as Paragon Reit.

    Over time, HPL chose to exit the consortium. Subsequently, Paragon Reit underwent privatization in April and was delisted in June.

    Questions & Answers

    What is the estimated value of the Clementi Mall?
    The current asking price for the Clementi Mall is around S$750 million, which is a 15% increase from its valuation in December of the previous year.

    Who are the managers appointed for the sale of the mall?
    Real estate service providers Cushman & Wakefield and Savills have been tasked with managing the sale of the mall.

    Who are the current owners of the Clementi Mall?
    The Clementi Mall is currently owned by Cuscaden Peak Investments, a subsidiary of Cuscaden Peak.

  • Sunway Developments in bid to redevelop residential estate in Singapore

    Sunway Developments in bid to redevelop residential estate in Singapore

    Sunway Bhd’s unit Sunway Developments Pte Ltd (SDPL) and Singapore-based Hoi Hup Realty Pte Ltd have entered into a sale and purchase agreement with the collective majority owners of a 160-unit private residential estate in Clementi, Singapore for S$530.0 million (RM1.6 billion).

    According to a filing with Bursa Malaysia, SDPL, Hoi Hup and S C Wong Pte Ltd plan to set up a joint venture company to re-develop Brookvale Park, which sits on a 999-year leasehold land measuring 34,654 square meter, into a new private residential development with an allowed plot ratio of 1.6 times. The plan is subject to authorities’ approval.

    Hoi Hup, SDPL and S C Wong Pte Ltd will have 60% : 30% : 10% interests respectively in the joint venture.

    SDPL is expected to pump in about S$70.0 million or RM210.0 million into the venture.

    The proposed project is expected to contribute positively to the earnings of Sunway Group from the financial year ending Dec 31, 2019 onwards.

    The group’s share price closed down one sen at RM1.65 with some 921,500 shares changing hands last week.

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  • Sip on the world’s first blue wine at a blue-themed cafe in Clementi

    Sip on the world’s first blue wine at a blue-themed cafe in Clementi

    Blue wine. Guess it’s a thing now. Gik is the Spanish company that made waves in the wine industry over a year ago with its new concoction, which blends red and white grapes with organic pigments and flavors, resulting in a sweet, blue-tinted wine that has intrigued some and outraged others.

    Taste-wise, blue wine is said to be reminiscent of a cross between a wine cooler, a cocktail mixer, and juice. Obviously, it won’t really appeal to the snooty wine purist crowd, but if you’re rather liberal and adventurous when it comes to all things booze, perhaps you’d like to give it a go — if just for the ‘gram — ’cause it has finally made its way to our shores.

    Besides ordering bottles online ($55 each)  — on the official Singapore site or retail platforms like RedMart — and hosting blue wine-fuelled parties, you can also sip on the unusual drink at Blue Willow, a new blue-themed cafe in Clementi.

    Gik, a bright blue wine from Bierzo in northwest Spain made with red and white grapes.

    Brought to you by the team behind Fresh Fruits Lab and Harry Potter cafe Platform 1094, the bistro serves up glasses ($13) of the blue beverage for those who simply want to sample it to understand the hype. Apparently, the menu also offers other blue-hued options such as blue carbonara with sous vide egg and rocket leaves, blue pancakes with blue maple sago, blueberries, and butterfly pea, and a dome-shaped mousse cake that’s — surprise, surprise — a shade of blue.

    As for the blue wine itself, only time will tell whether it sticks around or winds up being just another novel millennial invention. Move over, pink rosé?

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