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Dream - The business decisions of wealthy people sometimes make the community from lower economic backgrounds shake their heads. Especially when it comes to the properties they own. It can truly make people stunned. Like the action of one of the richest people in Malaysia who buys properties at crazy prices.
The richest person in Malaysia, Robert Kuok, recently purchased a property worth a fantastic value of Rp6 trillion. Not stopping there, Robert Kuok bought a shopping center in Singapore called Seletar Mall.
The following is the translation of the given 'Bahasa' text to 'English' while preserving any html tags: "He bought the shopping center for US$412 million. If converted to Indonesian Rupiah at an exchange rate of Rp15,500, the value reaches approximately Rp6.38 trillion."
Seletar Mall itself is located in the northeast part of Singapore. The purchase was made through its company, Allgreen Properties. As quoted from Forbes, the property was sold by Cuscaden Park, owned by tycoon Ong Beng Seng. In conducting the sale, Ong Beng Seng collaborated with several other companies.
Apart from Temasek Holdings, Ong Beng Seng partners with United Engineers, a subsidiary of Yanlord Land owned by Chinese billionaire, Zhong Sheng Jian.
The following is the translation of the given text from Bahasa to English while preserving any HTML tags: "The total net lettable area in Seletar Mall is mentioned to be 17,602 square meters. This suburban shopping center will serve the residential areas in Sengkang and Punggol, northeast of Singapore."
In a joint statement, Cushman & Wakefield and JLL acted as intermediaries in the agreement. The entire property area is leased. Some of the main tenants include NTUC FairPrice, Haidilao, and Uniqlo. "Suburban malls have shown outstanding performance post-COVID with full occupancy rates and strong rental returns," said Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield.
"Expand Retail Business"
"He adds a strong offer as evidence of investor interest in quality retail assets. The acquisition of Seletar Mall will diversify Allgreen's assets, expanding its business amidst a 1.3% increase in retail shopping recovery in January compared to last year."
"The suburban retail sector in Singapore continues to be sought after by global and domestic capital seeking exposure in the highly competitive retail investment market," said Ting Lim, Head of Capital Markets at JLL.
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