PROPERTY group Perennial has inked a $250 million deal to buy a large portion of Chinatown Point from City Developments (CDL).
Its purchase, which is likely to be completed by mid-October this year, comprises 283 retail units, plus four office suites, at the 99-year leasehold site located at the junction of New Bridge Road and Upper Cross Street. Both the retail and office units are managed by former CapitaLand veteran Pua Seck Guan, the founder and chief executive officer (CEO) of Perennial Real Estate.
CDL said in a statement that the sale was in line with its strategy to continually review its existing portfolio. It added that because it did not own all of the office units in Chinatown Point - the mixed development comprises 283 retail units and a 25-storey office block consisting of more than 100 office units - the group felt that it was an opportune time to unlock value from its holdings.
Perennial plans to revamp Chinatown Point retail mall with offerings such as traditional Chinese speciality food and foodstuffs, goldsmiths, jewellers, traditional and modern Chinese or Asian accessory stores, and travel agencies.
Perennial CEO, Mr Pua, formerly CEO of Capitaland Retail, said: 'By enhancing the ambience of the mall, we hope to provide shoppers with an improved shopping experience where various treasured trades closely associated with Chinatown are conveniently housed in a well-integrated retail mall environment.'
NTUC FairPrice is likely to be a supermarket anchor tenant at the repositioned Chinatown Point retail mall.
Source: Straits Times, 14 Jul 2010