Cuscaden Peak to Seek Up to $584M for Singapore’s Clementi Mall

Temasek-owned Cuscaden Peak plans to seek a buyer for The Clementi Mall in western Singapore, with market sources not involved in the transaction confirming a guide price in the range of S$730 million to S$750 million ($568.5 million to $584 million).

Cushman & Wakefield and Savills will co-market the 2011-vintage suburban mall, which enjoys 100 percent occupancy and welcomes 30 million visitors yearly. Both property consultancies declined to comment when contacted by Mingtiandi. The upper limit of the guide price range implies a 15 percent premium to the property’s recent S$645 million valuation.

The Clementi Mall had been part of the portfolio of Paragon REIT, the SGX-listed trust taken private earlier this year by Cuscaden Peak, a 50:50 holding company of Temasek units Mapletree and CapitaLand. The trust’s other remaining assets absorbed by Cuscaden are the flagship Paragon mall on Orchard Road and a 50 percent stake in Westfield Marion Shopping Centre in Australia.

News of the Clementi sales exercise, which is said to still be in an early stage, was first reported Wednesday by the Business Times.

Portfolio Selldown

Located at 3155 Commonwealth Avenue West in Clementi Town, The Clementi Mall is a six-storey development with a direct connection to Clementi MRT station and bus interchange.

The property contains 195,772 square feet (18,188 square metres) of lettable retail space, working out to S$3,831 ($2,983) per square foot at the top end of the indicated price range.

In addition to the Paragon REIT assets, Cuscaden Peak continues to hold the Woodleigh Mall in north-central Singapore and the mall’s adjoining residential complex in a 50:50 joint venture with Japan’s Kajima Corp.

Cuscaden put Woodleigh Mall up for sale in July of last year for S$800 million. Sources told Mingtiandi at the time that parties showing buying interest included local investment giants UOL Group and Frasers Property, Robert Kuok’s Allgreen Properties and Hong Kong-listed Link REIT.

And Then There Were Two

Hotel Properties Ltd, controlled by tycoon Ong Beng Seng, was originally part of a three-company consortium that bought Singapore Press Holdings’ real estate business, including Paragon REIT’s manager. After the acquisition, the consortium privatised the company in 2022, forming Cuscaden Peak.

Paragon REIT disclosed to the Singapore Exchange in January that HPL had exited its stake in Cuscaden, leaving its two Temasek-controlled shareholders with an even split of ownership in the holding firm.

HPL announced in April that billionaire Ong, who pleaded guilty this week for his role in a corruption scandal, had stepped down as managing director and would not seek re-election to the company’s board.