Singapore commercial property

The portfolio comprises 36 strata retail units and a basement car park with 80 lots

Global uncertainty and rising business costs may temper near-term demand, but scarce supply keeps rents stable and Reits resilient

The company had earlier acquired the site in a 2021 collective sale for S$53.9 million

The group is ‘cautiously optimistic’ on rents in the area, with tight office supply and strong demand for Grade A space expected to lend support

Its revamped City Square Mall has about 26,000 sq ft more in gross floor area and new leases at higher rental rate

The buyer is likely to reposition the mall’s basement with wellness or entertainment operators to complement Holland Village’s family-friendly appeal

While there are plans to enhance the units’ facades, the buyer will likely wait for greater clarity on the outcome of the building’s collective sale

The latest push comes amid mounting challenges faced by owners of the ageing strata mall

Savills expects 2026 figure to be on a par, amid lower financing costs, asking prices and opportunities for asset repositioning