Perennial, SPH increase stake in Chinatown mall by 60%

The total deal is worth $92.6m.

Perennial Real Estate Holdings and CT Point Investments, a wholly owned subsidiary of Singapore Press Holdings, have entered into a sale and purchase agreement with LuxCo 98 and Savills Fund Management to acquire 40% and 20% respectively of the total partnership interests in Perennial Chinatown Point LLP (PCP LLP).

PCP LLP is the owner of the retail mall and four strata office units (together Chinatown Point Mall) located along New Bridge Road, Singapore. The retail mall has a net lettable area (NLA) of 209,000 sq ft and the strata offices, 4,230 sq ft.

Perennial currently has an effective stake of 5.15% in PCP LLP while CT Point is also an existing partner in PCP LLP.

The cash consideration paid was based on an agreed property value of $442.5m. This translates to a price of S$2,077 per square feet (psf) of NLA.