Singapore’s suburban retail sector continues to be highly sought after
News release
06 March 2024
JLL and Cushman and Wakefield Brokered the Sale of The Seletar Mall
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SINGAPORE, 7 March 2024 – JLL (NYSE: JLL) and Cushman and Wakefield (NYSE: CWK) as the joint-exclusive marketing agents, are pleased to announce the sale of 100% interest in The Seletar Mall, a dominant suburban retail mall located at 33 Sengkang West Avenue (the “Property”). The Property was sold following a competitive Expression of Interest marketing campaign conducted by both firms.
The Seletar Mall is a popular suburban mall serving the high-density residential areas of Sengkang and Punggol with a large and growing population catchment. It comprises 6 levels of retail (Basement 2 to Level 4) and 3 levels of carpark (Basement 3 to 5) with a Net Lettable Area (“NLA”) of 189,467 sq ft and 378 carpark lots. The Property is 100% tenanted with a diversified tenant profile, anchored by NTUC FairPrice, Haidilao, Harvey Norman, Uniqlo and Shaw Theatres.
Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield says, “The suburban malls have witnessed stellar performance post-Covid with full occupancy for most malls and strong rental reversion. The robust bidding result from our sale campaign is a testament to the solid appetite from investors for quality retail assets which are highly resilient and defensive.”
Ms. Ting Lim, Head of Capital Markets at JLL says, “Singapore’s suburban retail sector continues to be highly sought after by global and domestic capital seeking exposure in the tightly held retail investment market. The compelling resilience of the retail sector in addition to the attractive returns profile underpins the demand of capital partnering retail experts to access the market.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.