This isn’t a goodbye, but an I’ll see you later.
The mall that you pass through when going to a concert at Fort Canning Park has been sold and is set to be redeveloped.
Ten years after it acquired the property, Suntec Real Estate Investment has sold off Park Mall for a cool $411.8 million, it announced yesterday.
The buyer is a joint venture company called Park Mall Investment, in which Suntec REIT has a 30 per cent stake.
The plan is to transform the strategically located mall — popular for its furniture and furnishing shops and the Kitch Café downstairs — into a commercial complex with two office blocks and retail floors.
Apart from the existing building, the new owners will develop two adjoining strips of land that were acquired between 2007 and 2008 by Suntec REIT.
The lease term will be extended to a fresh 99-year lease hold term, according to the agreement.
